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FTA's bus funding represents the third bus grant package since President Biden signed BIL, which has invested more than $3.3 billion in American transit buses and the infrastructure that supports them.
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Cordes & Company, in its capacity as receiver of Lightning eMotors, entered into an Asset Purchase Agreement to sell substantially all of the assets of the company for $12.6 million in cash, subject to adjustment.
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President Biden’s Bipartisan Infrastructure Law, invests $5.6 billion to support the purchase of cleaner American-made transit buses, train the transit workforce, and upgrade fueling and maintenance infrastructure.
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The acquisition, which was made at a purchase price of $210 million before adjustment for inventory level at closing and was first announced in November, includes a development center for battery modules and packs in California and an assembly factory in Greer, S.C.
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The significant step toward sustainable transit comes after the bus underwent rigorous testing last year.
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The acquisition will add heavy-duty transit buses to Phoenix's existing product line of medium-duty shuttle and school buses.
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Most recently, Inez Evans was the first black female president and CEO of IndyGo, the largest transit agency in Indiana, where she was a champion for BRT and zero-emission buses.
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The first wave of buses, and the additional 56 to be built and delivered over the next four years, will replace older diesel-fueled models that are aging out of the PSTA fleet.
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The $2.6 billion combined operating budgets for both conventional and Wheel-Trans paratransit services and represents a 7.5% increase over the approved 2023 budget.
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As first announced with NFI’s second quarter 2023 financial results, NFI entered into an agreement for up to C$10 million in interest-free financing from PrairiesCan through Canada’s Jobs and Growth Fund.
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