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Blue Bird Corporation (NASDAQ:BLBD) formally announced Thursday that it has been selected to receive an $80 million grant from the U.S. Department of Energy to expand the company's electric vehicle manufacturing capabilities and related workforce development efforts. The DOE funding is part from the previously announced heavy investment by the US government in electric vehicle infrastructure.
Blue Bird (BLBD) plans to convert a former diesel-powered motorhome manufacturing facility in Fort Valley, Georgia, into a state-of-the-art electric vehicle manufacturing facility. The conversion will help Blue Bird scale up production of Type D electric school buses to meet the growing demand for clean school transportation across the country.
The company noted that award selection is subject to final contract and financing negotiations between the DOE and Blue Bird, which could take up to 120 days to conclude. Blue Bird (BLBD) was one of 11 companies selected, including Cummins (CMI), Blue Bird’s (BLBD) supply chain partner for electric vehicle propulsion systems.
Blue Bird (BLBD) shares rose 5.85% in Thursday afternoon trading.
