MACON, Ga.--(BUSINESS WIRE)--Blue Bird Corporation (Nasdaq: BLBD), the leader in electric and low-emission school buses, applauds the Inflation Reduction Act of 2022 signed into law today by U.S. President Joe Biden. The Inflation Reduction Act authorizes a $369 billion investment in energy security and combating climate change – the largest investment of its kind in U.S. history. The legislative action is projected to reduce harmful carbon emissions by roughly 40% by 2030.
The comprehensive Inflation Reduction Act promotes clean school buses, charging infrastructure, and high-tech manufacturing. Notable transportation investments that can help to expand the nation’s clean school bus fleet include:
- $1 billion in grants for clean Class 6 and 7 heavy-duty vehicles
- Up to $40,000 in tax credits for zero-emission commercial vehicles
- Up to $100,000 in tax credits for heavy-duty charging infrastructure
- $3 billion for direct loans to finance advanced vehicle technology manufacturing
- $2 billion for grants to support electric and fuel cell vehicle manufacturing.
“The Inflation Reduction Act demonstrates America’s leadership in advancing clean transportation solutions to help fight climate change,” said Matthew Stevenson, president and CEO, Blue Bird Corporation. “As the leader in electric and low-emission school buses, Blue Bird welcomes all initiatives that foster a clean energy future and advance student and community health.”
The Inflation Reduction Act builds on the Administration’s Bipartisan Infrastructure Law (BIL), which provides a total of $5 billion over five years for clean school bus transportation. The Bipartisan Infrastructure Law includes the 2022 Clean School Bus Rebate Program administered by the U.S. Environmental Protection Agency. The program is currently offering $500 million for the replacement of diesel-powered school buses with zero and low emission school buses. The funds will also assist school districts and other eligible participants to establish the required clean energy infrastructure. The application period ends on August 19, 2022. Blue Bird subject matter experts can assist members of its dealer network and school districts in applying for program funds. Interested parties can contact Blue Bird grant funding specialists via GrantSupport@blue-bird.com.
Blue Bird is the only U.S.-owned and operated school bus manufacturer in the United States. The company builds a full range of electric school buses which can carry a maximum of 84 passengers for up to 120 miles on a single charge. Depending on the charging infrastructure, the buses take between three and eight hours to recharge fully.
In addition, Blue Bird offers a comprehensive portfolio of low emission propane and natural gas-powered school buses. The company remains the proven clean transportation leader with more than 20,000 propane, natural gas, and electric-powered buses in operation today. Blue Bird manufactures its school buses in Fort Valley, Ga. The shift to clean transportation helps sustain approx. 2,000 well-paying manufacturing jobs and will significantly reduce the emissions of carbon dioxide and other harmful pollutants. Blue Bird continues to increase production and fortify its supply chain to meet the increasing demand for zero and low emission school buses.
About Blue Bird Corporation
Blue Bird (NASDAQ: BLBD) is recognized as a technology leader and innovator of school buses since its founding in 1927. Our dedicated team members design, engineer and manufacture school buses with a singular focus on safety, reliability, and durability. Blue Bird buses carry the most precious cargo in the world – the majority of 25 million children twice a day – making us the most trusted brand in the industry. The company is the proven leader in low- and zero-emission school buses with more than 20,000 propane, natural gas, and electric powered buses in operation today. Blue Bird is transforming the student transportation industry through cleaner energy solutions. For more information on Blue Bird's complete product and service portfolio, visit www.blue-bird.com.