NFYEF - NFI announces financing from PrairiesCan to support innovation of zero-emission bus and coach offerings and expansion of Manitoba production capabilities | Benzinga
WINNIPEG, Manitoba, Dec. 18, 2023 (GLOBE NEWSWIRE) -- (TSX:NFI, OTC:NFYEF, TSX:NFI) NFI Group Inc. ("NFI" or the "Company"), a leading independent bus and coach manufacturer and a leader in electric mass mobility solutions, today held an event at its Motor Coach Industries ("MCI") motor coach manufacturing facility in Winnipeg to formally announce a C$10 million investment from Prairies Economic Development Canada ("PrairiesCan") to support the expansion of NFI's zero-emission heavy-duty transit and coach offerings, as well as modernization upgrades to the MCI facility.
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. The financing is non-interest-bearing and matures on March 1, 2030. The financing matches investments previously made by NFI into its zero-emission vehicle capabilities from late 2021 into 2023, and funds being invested into facility upgrades in 2024.
The financing is part of PrairiesCan's Framework to Build a Green Prairie Economy that was tabled in Parliament on December 11, 2023, led by the Honourable Dan Vandal, Minister for PrairiesCan, and supported by nine other federal ministers, which includes a C$100 million commitment to support projects aligned with its five priorities.
Today's announcement is the culmination of a multi-year strategy by NFI to expand its zero-emission vehicle offering that includes the next generation hydrogen fuel-cell electric transit bus, the Xcelsior CHARGE FC™; a redesigned 60-foot battery-electric bus with increased range, the Xcelsior CHARGE NG™; MCI's battery-electric high-floor and low-floor commuter coaches the D45 CRT CHARGE™ and D45 CRT LE CHARGE™; and the battery-electric variant of North America's best-selling touring coach, the J4500 CHARGE™. The financing also supported the integration of a new battery pack into certain North American vehicles, increasing NFI's technology offering and enhanced supply chain resiliency.
In addition, today's announcement is also an opportunity to showcase the modernization ...