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Toronto Transit Commission awards NFI contract for up to 621 New Flyer battery-electric heavy-duty transit buses

Published by Financial Post

WINNIPEG, Manitoba, June 05, 2023 (GLOBE NEWSWIRE) — (TSX: NFI, OTC: NFYEF, TSX: NFI.DB) NFI Group Inc. (“NFI”), a leading independent bus and coach manufacturer and a leader in electric mass mobility solutions, today announced that the Toronto Transit Commission (“TTC”) has awarded its subsidiary New Flyer Industries Canada ULC (“New Flyer”) a new five-year contract for 40-foot battery-electric buses. The total contract includes a firm order for 186 Xcelsior CHARGE NG™ heavy-duty transit buses, as well as the option for TTC to purchase up to an additional 435 of the same buses, for a total potential order of 621 buses over the duration of the contract.

NFI added 261 buses to the company’s backlog in the first quarter of 2023 based on TTC’s initial base firm and option order. In total, TTC awarded New Flyer 60% of this initial procurement, the highest award to any manufacturer. The contract also includes options for other agencies in Ontario to enter into their own agreements with New Flyer for up to 550 buses over four years. This provides additional future order opportunities for New Flyer, as these buses may be added to NFI’s backlog if an agency executes a contract using those options.

These next-generation battery-electric buses will help TTC, which operates one of the largest fleets of battery-electric buses in North America, meet its goal of converting its entire fleet to zero emissions by 2040, as outlined in the TTC Green Bus Technology Plan. As part of that plan, TTC previously purchased 25 New Flyer battery-electric buses that were used in a head-to-head pilot project comparing electric vehicles from several manufacturers. Following that trial, TTC published a report observing New Flyer outperformed competitors in several key measurements including fleet availability, reliability, and energy consumption.

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