Electric Vehicles as a Service™ (EVaaS) Program Finances the Conversion of Government Fleets to Electric Vehicles

VANCOUVER, BC / ACCESSWIRE / May 17, 2022 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles today announced it has entered into a Master Goods and Service Agreement with Sustainability Partners LLC ("SP"), an ESG focused company committed to eliminating deferred maintenance infrastructure by enabling sustainability, to utilize its Electric Vehicles as a Service™ (EVaaS) program to finance the conversion of traditional government fleets to Vicinity's electric vehicles.

Sustainability Partners works with government institutions including municipalities, airports, universities and schools, hospitals and water/rail/power districts to convert essential fleet infrastructure into a monthly utility service in a manner that protects institutions, the assets and taxpayers. The EVaaS program replaces unreliable, unsafe, and costly fleet infrastructure with modern electrified solutions from Vicinity, robustly engineered with embedded long-term support. SP can pay for 100% of the purchase price while concurrently ensuring the vehicles are continually maintained in a state of good repair.

Under the terms of the agreement, SP will engage Vicinity as an independent contractor to purchase its portfolio of electric vehicles including Vicinity Lightning^TM buses, VMC Optimal vehicles and VMC 1200 Class 3 electric trucks for government and corporate fleets utilizing its EVaaS program.

"SP's month-to-month use-based service is a uniquely structured, OpEx-oriented alternative to the traditional purchase of government fleets," said William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. "The program enables institutions and private industry to modernize their fleets while benefitting from high-performance, cost-effective Vicinity electric vehicles. SP is a clear alternative to traditional purchase or public works procurement with financing, bonding, PPP's, leasing, EPCs, and Shared Savings arrangements.

"Our wide portfolio of commercial electric vehicles can be used across the vast spectrum of SP customers and fleets. We look forward to helping their sales team share the benefits of our heavy-duty, light-duty and special purpose electric vehicles with their significant customer base," concluded Trainer.

Thomas Cain, CEO & Founder of Sustainability Partners, added: "Vicinity products are a great addition to our EVaaS program as our customers increasingly look for electrified options to meet their sustainability and ESG goals. Our customers' electric vehicle needs and priorities continue to evolve, and we believe Vicinity's product line has the diverse and compelling range of EV options they require - all from a widely-respected leader in the expanding EV market."

About Sustainability Partners
Sustainability Partners, LLC ("SP") is an ESG focused company committed to eliminating deferred maintenance infrastructure by enabling sustainability, providing outstanding customer experiences and ultimately improving the resilience, health and safety of communities across America through innovation and best industry practices. SP pays to convert essential infrastructure into a monthly utility service in a manner that protects institutions, the assets and taxpayers. Our customers are government institutions, including hospitals, cities, towns, and schools across the nation. We solve your capital needs for infrastructure then partner with you to keep it permanently reliable, safe, and efficient. For more information please visit www.sustainability.partners.

About Vicinity Motor Corp.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) is a North American supplier of electric vehicles for both public and commercial enterprise use. The Company leverages a dealer network and close relationships with world-class manufacturing partners to supply its flagship electric, CNG and clean-diesel Vicinity buses, the VMC 1200 electric truck and a VMC Optimal-EV shuttle bus. In addition, the Company sells its proprietary electric chassis alongside J.B. Poindexter business unit EAVX, the Company's strategic partner, for upfitting into next-generation delivery vehicles. For more information, please visit www.vicinitymotorcorp.com.

Company Contact:
John LaGourgue
VP Corporate Development
604-288-8043
IR@vicinitymotor.com

U.S. Investor Relations Contact:
Lucas Zimmerman or Mark Schwalenberg, CFA
MZ Group - MZ North America
949-259-4987
VMC@mzgroup.us
www.mzgroup.us

Canadian Investor Relations Contact:
MarketSmart Communications Inc.
877-261-4466
Info@marketsmart.ca

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

Important factors that could cause actual results to differ materially from Vicinity's expectations include uncertainties relating to the economic conditions in the markets in which Vicinity operates, vehicle sales volume, anticipated future sales growth, the success of Vicinity's operational strategies, the timing of the completion of the vehicle assembly facility in the State of Washington, the effect of the COVID-19 pandemic, related government-imposed restrictions on operations, the success of Vicinity's strategic partnerships; and other risk and uncertainties disclosed in Vicinity's reports and documents filed with applicable securities regulatory authorities from time to time. Vicinity's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Vicinity assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.

SOURCE: Vicinity Motor Corp.