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GreenPower secures $5 million loan for electric vehicle production

EditorEmilio Ghigini
Published 02/13/2024, 08:41 AM
Updated 02/13/2024, 08:41 AM
© Reuters.

VANCOUVER - GreenPower Motor Company Inc. (NASDAQ:GP) (TSXV:GPV), a manufacturer of zero-emission electric vehicles, has secured a revolving loan agreement with Export Development Canada (EDC) for up to $5M. This financial arrangement is intended to support the production of all-electric vehicles based on existing customer orders.

The loan agreement, announced today, will provide GreenPower with additional liquidity over a two-year period, allowing the company to fund production for multiple orders with the flexibility to make repayments as vehicles are delivered. This new facility complements GreenPower's existing financial resources, which includes an $8M operating line of credit and up to $5 million of standby letters of credit previously guaranteed by EDC.

Fraser Atkinson, CEO of GreenPower, expressed enthusiasm about the expanded relationship with EDC, highlighting that the credit facility will enable the company to leverage funding across multiple orders, potentially increasing sales. Atkinson emphasized that the funding structure aligns with the company's production needs and order fulfillment strategy without diluting shareholder value.

Guillermo Freire, Senior Vice-President at EDC, underscored EDC's commitment to supporting GreenPower's international expansion and its role in the commercial electric vehicle market. Freire pointed out EDC's strategic partnership approach to aiding medium-sized companies like GreenPower in realizing their global potential.

GreenPower's product lineup includes a variety of all-electric medium and heavy-duty vehicles, such as transit buses, school buses, shuttles, and cargo vans. The company uses a clean-sheet design approach for its battery-powered vehicles to ensure zero emissions. GreenPower, headquartered in Vancouver, Canada, and with operational facilities in Southern California, went public on the Toronto exchange in November 2015 and listed on NASDAQ in August 2020.

This financial development is based on a press release statement and is intended to provide factual information on GreenPower's business activities and the new credit facility with EDC.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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