Mr. Chris Stoddart reports

TORONTO TRANSIT COMMISSION AWARDS NFI CONTRACT FOR UP TO 621 NEW FLYER BATTERY-ELECTRIC HEAVY-DUTY TRANSIT BUSES

The Toronto Transit Commission (TTC) has awarded NFI Group Inc.'s subsidiary, New Flyer Industries Canada ULC, 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 per cent 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.

The order builds on a 2022 TTC firm award to NFI for 134 Xcelsior 40-foot hybrid-electric heavy-duty transit buses and 68 Xcelsior 60-foot hybrid-electric buses (136 equivalent units (EUs)) for a total of 270 EUs. That four-year contract includes options for up to an additional 263 40-foot hybrid-electric buses and 100 60-foot buses, respectively.

"Building on our partnership with TTC spanning over half a century, this new order supports the TTC's efforts towards net-zero goals for a healthier and more sustainable future," said Chris Stoddart, president of North American bus and coach, NFI. "We are proud of the performance from the active in-service trial and are excited to add to the New Flyer fleet at TTC. The ability for TTC to have fleet commonality across New Flyer Xcelsior bus platforms with different propulsion systems speaks to our design and supportability."

Built on New Flyer's proven Xcelsior platform, the Xcelsior Charge NG bus incorporates three distinct technology advancements, including high-energy batteries, advanced protective battery packaging for easy install and simpler serviceability, and a new lightweight electric traction drive system with up to 90-per-cent energy recovery.

NFI is a leader in zero-emission mobility, with electric vehicles operating (or on order) in more than 130 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 115 million EV (electric vehicle) service miles.

Today, NFI supports growing North American cities with scalable, clean and sustainable mobility solutions through a four-pillar approach that includes buses and coaches, technology, infrastructure, and work force development. 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 work force development. Since opening in late 2017, the VIC has hosted over 350 interactive events, welcoming 7,000 industry professionals for EV and infrastructure training.

About NFI Group Inc.

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 7,700 team members in 10 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 (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.

About New Flyer

New Flyer is North America's heavy-duty transit bus leader, offering 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.

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