VMC Optimal-EV Receives USD $19.0 Million Order for Optimal E1 Electric Class 4 Commercial Chassis

Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) (FRA:6LGA) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced that it has received an order from Olathe Fleet Solutions ("Olathe"), a commercial truck dealership and fleet management company in Kansas, for over 150 VMC Optimal-EV E1 Electric Chassis valued in excess of USD $19.0 million.

Olathe, based in Olathe, Kansas is one of the nation's largest dealers in the commercial fleet industry - up-fitting and delivering of over 20,000 trucks nationwide yearly. The VMC Optimal-EV E1 orders are scheduled for delivery throughout 2022 for operation in school, commercial, shuttle, ambulance, last-mile and other key market segments.

"Olathe is well-respected and highly rated in the commercial fleet market. This order is the culmination of effort and development which began many months ago with the Olathe team and key end-user involvement,"

said William Trainer, Founder and CEO of Vicinity

"As an authorized Ford ship-thru up-fitter, Olathe will be able to offer best-in-class EV solutions for customers across the Class 4 commercial vehicle spectrum.
"We are seeing strong interest for the VMC Optimal-EV vehicles as fleets seek to electrify and mitigate exposure to energy and carbon costs. We believe the market conditions are ideal for incredible vehicles such as ours - providing extensive range, highway speeds and significant gradeability at maximum load. Our VMC Optimal-EV E1 also utilizes high-performance battery systems from Proterra®, which have industry-leading energy density, a flexible design to fit within a wide variety of vehicles, and rigorous pack level validation designed for safe and durable vehicle operation. Taken as a whole, we believe our vehicles are truly best-in-class,"

concluded Trainer.

Marc McEver of Olathe added,

"After careful evaluation of market options, Olathe decided to partner with VMC Optimal-EV to offer solutions that will deliver safe and reliable results for our fleets. Olathe has worked carefully over the decades to build confidence with our clients, it's critical that we partnered with the best solution provider."

The chassis will be produced at the new VMC Optimal-EV manufacturing plant in Elkhart, Indiana and offer up to 125 mile range with the battery pack completely protected inside the chassis rails. Units will begin to be delivered in the first quarter of 2022.

About VMC Optimal-EV

VMC Optimal-EV is a partnership announced in October of 2021 between Vicinity Motor Corp. and Optimal-EV for the sales & distribution of the VMC Optimal-EV S1 and E1 products.

Vicinity 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.

Optimal-EV is the market leader in the design, validation and manufacturing of zero-emission electric low-floor shuttle buses. Their suite of low-floor vehicle configurations and equipment options are quiet and ecologically efficient, making them ideal for the seamless migration of your current fleet to being zero-emission. Optimal’s journey into vehicle electrification began in 2015, with the integrated 33 years of automotive design/development and superior CAE (computer aided engineering) optimization skills, and is now augmented by a seasoned bus manufacturing operations team. Leveraging multi-industry insight and innovative approach to engineering and vehicle manufacturing, they identify and integrate the best industry solutions for the customers. Optimal proudly designs, engineers and manufactures vehicles in America, with our engineering and research center in Plymouth, Michigan and manufacturing center in Elkhart, Indiana.

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