In after-hours trading hours on the last trade Monday, Vicinity Motor Corp. (NASD: VEV) stock was up 6.56% at $0.812, rebounding from a -16.35% loss in the last trading session.
Recently, what has VEV been up to?
Sustainability Partners LLC (“SP”), an ESG-focused Public Benefit Company committed to eliminating deferred maintenance infrastructure through sustainability, has placed an order with Vicinity Motor (VEV). In this order, Vicinity’s Pacific Islands distributor, Soderholm Sales & Leasing, Inc. (“Soderholm”), bought four (4) Vicinity Lightning electric buses.
By replacing outdated and costly fleet infrastructure with modern electrified solutions like the Vicinity Lightning, the State of Hawaii is working toward its sustainability goals and accelerating fleet electrification. As well as paying for 100% of the purchase price, SP can ensure that the vehicles are maintained in a good condition with embedded long-term support from SSL and Vicinity. By providing Hawaii and its largest airport with a unique, month-to-month use-based service alternative to the traditional purchase of government fleets, VEV will provide Hawaii and its largest airport with an electric solution.
The inherent benefits of EV passenger shuttle services will continue to attract significant interest from regional and international airports. Traditional gas and diesel buses at airport curbsides are causing growing concern about air quality impacts on local health. Passengers are exposed to increased levels of air pollution as a result. It is the Federal Aviation Administration’s (FAA) Airport Sustainability Plan that integrates sustainability into airport planning for more than 40 airports in the U.S. As part of their strategy, progressive airports are introducing cleaner shuttle bus options to reduce emissions and meet community needs.
What is VEV’s plan for this?
Daniel K. Inouye International Airport in Honolulu, the largest airport in the state of Hawaii, serves 12 million passengers every year with Vicinity Motor (VEV) Lightning shuttle buses. To convert traditional government fleets to Vicinity’s electric vehicles, the State of Hawaii Department of Transportation will utilize SP’s Electric Vehicles as a Service (EVaaS) program. A total of four new VEV electric buses are scheduled for delivery in 2023 by Soderholm, which will facilitate the sale and provide long-term technical and maintenance support.