(TSX: NFI, OTC: NFYEF, TSX: NFI.DB) NFI Group Inc.
(NFI) a leading independent bus and coach manufacturer and a leader
in zero-emission electric mass mobility solutions, subsidiary New
Flyer of America Inc. (New Flyer) today announced that it has been
named the partner of choice in over $338 million of competitive
grant awards through the Federal Transit Administration’s (FTA’s)
2024 Low- or No-Emission (Low-No) and Buses and Bus Facilities
(BBF) programs. The award amount was spread across 14 transit
agency partners.
The FTA Low-No grant program was launched in
2015, with the first awards being dispersed in 2016. In combination
with the BBF program, the Low-No grant program aims to improve U.S.
transit infrastructure while enabling agencies to reduce their
environmental impact through the deployment of low- or
zero-emission buses.
The awards for this year totaled almost $1.5
billion and were spread across 117 projects in 47 states. The total
was divided between more than $1.1 billion in Low-No awards and
more than $390 million in BBF awards and is expected to fund
approximately 1,150 buses along with facilities, workforce
development programs, and other systems to support them. The United
States Department of Transportation (USDOT), through its agency the
FTA, used this year’s award cycle to continue efforts to help
strengthen U.S. bus manufacturing by prioritizing proposals that
included healthy contracting provisions such as using progress or
advance payment plans and reducing customization by using either a
joint procurement process or purchasing a standard bus model.
The $338 million total represents agencies who
directly partnered with New Flyer as part of their grant
application. The FTA has also awarded grants to agencies who did
not specify a named partner and instead will use a procurement
process to determine the manufacturer. The funds will remain
available for use until FY2027. More information on projects
selected can be found at www.transit.dot.gov/lowno.
“This year’s Low-No grant cycle affirmed two
things: USDOT’s support of resilient, domestic clean bus
manufacturing with a healthier contracting environment, and our
customers’ confidence in the value of owning a New Flyer bus,” said
Jennifer McNeill, Vice President, Public Sector Sales &
Marketing, New Flyer and MCI. “Continued investment in low- or
zero-emission buses is one of the key factors that allows us to
continue driving innovation in the space. We are proud of the
knowledge that every day our vehicles contribute to improving lives
in communities across America.”
McNeill continued, “US public agencies have used
Low-No Grants to procure NFI buses and charging infrastructure for
nine consecutive years, every year since the grant was originally
awarded. After partnering with grantees receiving nearly $200
million in 2022 and more than $207 million in 2023, New Flyer’s
partners delivered their strongest grant approval performance for
the third year in a row, with 2024’s awards outpacing the previous
year by more than $120 million.”
NFI is a leader in zero-emission mobility, with
electric vehicles operating (or on order) in more than 150 cities
in six countries. NFI offers the widest range of zero-emission
battery and fuel cell-electric buses and coaches, and its vehicles
have completed over 195 million EV service miles.
Today, NFI supports growing North American
cities with scalable, clean, and sustainable mobility solutions
through its mobility solution ecosystem, which includes buses and
coaches; infrastructure; parts and service; technology;
workforce development and training; and vehicle financing. NFI also
operates the Vehicle Innovation Center (VIC), the first and
only innovation lab of its kind dedicated to advancing bus and
coach technology and providing workforce development. Since opening
in late 2017, the VIC has hosted over 400 interactive events,
welcoming 9,000 industry professionals for EV and infrastructure
training.
About NFI
Leveraging 450 years of combined experience, NFI
is leading the electrification of mass mobility around the world.
With zero-emission buses and coaches, infrastructure, and
technology, NFI meets today’s urban demands for scalable smart
mobility solutions. Together, NFI is enabling more livable cities
through connected, clean, and sustainable transportation.
With over 8,750 team members in ten countries,
NFI is a leading global bus manufacturer of mass mobility solutions
under the brands New Flyer® (heavy-duty transit buses), MCI® (motor
coaches), Alexander Dennis Limited (single- and double-deck buses),
Plaxton (motor coaches), ARBOC® (low-floor cutaway and medium-duty
buses), and NFI Parts™. NFI currently offers the widest range of
sustainable drive systems available, including zero-emission
electric (trolley, battery, and fuel cell), natural gas, electric
hybrid, and clean diesel. In total, NFI supports its installed base
of over 100,000 buses and coaches around the world. NFI’s common
shares trade on the Toronto Stock Exchange (“TSX”) under the symbol
NFI and its convertible unsecured debentures trade on the TSX under
the symbol NFI.DB. News and information is available at
www.nfigroup.com, www.newflyer.com, www.mcicoach.com, nfi.parts,
www.alexander-dennis.com, arbocsv.com, and
carfaircomposites.com.
About New Flyer
New Flyer is North America’s heavy-duty transit
bus leader and offers the most advanced product line under the
Xcelsior® and Xcelsior CHARGE® brands. It also offers
infrastructure development through NFI Infrastructure Solutions™, a
service dedicated to providing safe, sustainable, and reliable
charging and mobility solutions. New Flyer actively supports over
35,000 heavy-duty transit buses (New Flyer, NABI, and Orion)
currently in service, of which 8,600 are powered by electric motors
and battery propulsion and 1,900 are zero-emission. Further
information is available at www.newflyer.com.
Forward-Looking Statement
This press release may contain forward-looking
statements relating to expected future events and financial and
operating results of NFI that involve risks and uncertainties.
Although the forward-looking statements contained in this press
release are based upon what management believes to be reasonable
assumptions, investors cannot be assured that actual results will
be consistent with these forward-looking statements, and the
differences may be material. Actual results may differ materially
from management expectations as projected in such forward-looking
statements for a variety of reasons, including market and general
economic conditions and economic conditions of and funding
availability for customers to purchase buses and to purchase parts
or services; customers may not exercise options to purchase
additional buses; the ability of customers to suspend or terminate
contracts for convenience; production may be delayed or production
rates may be decreased as a result of ongoing and future supply
chain disruptions and shortages of parts and components, shipping
and freight delays, and disruption to and shortage of labor supply;
and the other risks and uncertainties discussed in the materials
filed with the Canadian securities regulatory authorities and
available on SEDAR at www.sedarplus.ca.
Due to the potential impact of these factors,
NFI disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, unless required by applicable
law.
For investor and media inquiries, please
contact: Stephen King P:
204.792.1300 Stephen.King@nfigroup.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c6e7c922-7ead-4fe1-9ce1-55c20ea543f5
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