NFI Applauds Government of Canada's Landmark $14.9 Billion Commitment to Expand and Advance Public Transit
Dedicated and permanent federal funding focused on zero-emission adoption and electric mobility across Canada
All monetary amounts in this press release are in Canadian dollars.
WINNIPEG, MB, Feb. 12, 2021 /CNW/ - (TSX: NFI) NFI Group Inc. ("NFI" or the "Company"), one of the world's leading independent bus and coach manufacturers, welcomed the Government of Canada's announcement of an eight-year, $14.9 billion public transit funding program. The announcement, made by Prime Minister Justin Trudeau and Minister of Infrastructure and Communities Catherine McKenna, includes $5.9 billion in dedicated project funds starting in 2021, and ongoing permanent funding of $3 billion per year beginning in 2026-2027.
The announcement – the largest public transit investment in Canadian history – includes a focus on zero-emission and electric transit. Through its brands New Flyer®, MCI®, Alexander Dennis®, and ARBOC®, NFI has been leading the ZEvolutionTM to zero-emission mobility for decades. NFI is proud to offer Canada's widest range of zero-emission vehicles and full suite infrastructure solutions, including battery-electric and fuel-cell-electric buses that together have driven more than 4.5 million miles in North America.
The monumental $14.9 billion commitment enables Canadian transit agencies to execute on plans to drive cleaner, sustainable transportation across the country. NFI has long advocated for ongoing zero-emission and transit funding in collaboration with the Canadian Urban Transit Association (CUTA), and the Canadian Urban Transit Research and Innovation Consortium (CUTRIC), and is pleased to see the outcome of strategic industry efforts.
"The Canadian government is making good on its commitment to 'build back better' by investing in permanent and predictable public transit funding to help local governments plan current and future procurements," said Paul Soubry, President and Chief Executive Officer, NFI. "We have worked closely with CUTA, CUTRIC, and Unifor to advocate and educate on zero-emission adoption. Together, we're making safer, greener communities a reality for everyone."
"The world of transportation is changing, and Canada is well positioned to be a leader in driving the evolution to zero-emission public transit," said Chris Stoddart, President, New Flyer and MCI. "Net zero is achievable, and we look forward to supporting Canadian transit agencies as they deliver on the Government's vision of a more sustainable, healthier environment for all."
About NFI Group
Leveraging 450 years of combined experience, NFI is leading the battery-electric transition 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.
NFI is a leading independent global bus manufacturer providing a comprehensive suite of mass transportation solutions in ten countries under brands: New Flyer® (heavy-duty transit buses), Alexander Dennis Limited (single and double-deck buses), Plaxton (motor coaches), MCI® (motor coaches), ARBOC® (low-floor cutaway and medium-duty buses), and NFI Parts™. NFI vehicles incorporate the widest range of drive systems available including: clean diesel, natural gas, diesel-electric hybrid, and zero-emission electric (trolley, battery, and fuel cell). In total, NFI now supports over 105,000 buses and coaches currently in service around the world.
NFI common shares are traded on the Toronto Stock Exchange under the symbol NFI. Further information is available at www.nfigroup.com, www.newflyer.com, www.mcicoach.com, www.arbocsv.com, www.nfi.parts, and www.alexander-dennis.com.
SOURCE NFI Group Inc.
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