Blue Bird forms JV with Generate Capital for electric school bus fleet-as-a-service

Blue Bird Corp

Clean Bus Solutions JV; Blue Bird and Generate each contribute up to $10M common equity, plus $20M and $80M preferred respectively.
Generate receives warrants for 1M shares at $25.00; two-thirds immediately exercisable, five-year term.
JV provides turnkey electrification: buses, charging, financing, and maintenance for school districts at monthly fee.
Blue Bird commits to promote JV as preferred fleet-as-service offering; excludes similar JVs but allows OEM sales.

item 1.01 item 2.03 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Blue Bird Corp entered into Joint Venture Agreement with GC Mobility Investments I, LLC, a wholly owned subsidiary of Generate Capital, PBC valued at $10 million (effective 2023-12-07).

Action: entry
Agreement: collaboration
Counterparty: GC Mobility Investments I, LLC, a wholly owned subsidiary of Generate Capital, PBC
Value: $10 million
Effective: 2023-12-07

Exact text from the filing

On December 7, 2023, Blue Bird Corporation (the “Company”) announced that the Company, through its wholly owned subsidiary, Blue Bird Body Company, and GC Mobility Investments I, LLC, a wholly owned subsidiary of Generate Capital, PBC (“Generate Capital”), a sustainable investment company focusing on clean energy, transportation, water, waste, agriculture, smart cities and industrial decarbonization, have executed a definitive agreement (the “Joint Venture Agreement”) establishing a joint venture named Clean Bus Solutions, LLC to provide a fleet electrification-as-a-service offering using electric school buses (the “Joint Venture”).

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Blue Bird Corp filing history →

Source: SEC EDGAR

accession 0001589526-23-000117

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