VANCOUVER, BC, Feb. 13,
2024 /CNW/ -- GreenPower Motor Company
Inc. (NASDAQ: GP) (TSXV: GPV) ("GreenPower"), a leading
manufacturer and distributor of purpose-built, all-electric,
zero-emission medium and heavy-duty vehicles serving the cargo and
delivery market, shuttle and transit space and school bus sector,
has entered into a revolving loan agreement with Export Development
Canada ("EDC") for up to $5 million
(the "Facility") to fund all-electric vehicle production pursuant
to customer orders. The Facility expands EDC's support to
GreenPower beyond its existing letter of credit guarantee.
The Facility provides additional liquidity to GreenPower to fund
all-electric vehicle production for approved customer orders,
allowing for multiple advances over a two-year period with
repayments when vehicles are delivered. The revolving nature of the
Facility provides the flexibility to fund multiple orders and
offers incremental capital in addition to GreenPower's existing
$8 million operating line of credit
and the guarantee of up to $5 million
of standby letters of credit provided by EDC.
"GreenPower is excited to be expanding our relationship with EDC
and secure a credit Facility that will accelerate our production of
all-electric vehicles with existing orders. This Facility allows us
to access funding over multiple orders for the next two years which
has a multiplier effect on the sales we can generate," said
Fraser Atkinson, CEO of GreenPower.
"The mix of funding from EDC is a great fit with our production
requirements and fulfilling our order book without shareholder
dilution."
"EDC is thrilled to support GreenPower's international
growth journey as they manufacture a wide range of commercial
electric vehicles" said Guillermo
Freire, Senior Vice-President, Mid-Market and responsible
for Cleantech at EDC. "As a strategic
partner, EDC is focused on supporting medium size
companies like GreenPower achieve their true global potential."
For further information contact
Fraser Atkinson, CEO
(604) 220-8048
Michael Sieffert, CFO
(604) 563-4144
Allie Potter
Media Relations
(218) 766-8856
About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of
high-floor and low-floor all-electric medium and heavy-duty
vehicles, including transit buses, school buses, shuttles, cargo
van and a cab and chassis. GreenPower employs a clean-sheet
design to manufacture all-electric vehicles that are purpose built
to be battery powered with zero emissions while integrating global
suppliers for key components. This OEM platform allows GreenPower
to meet the specifications of various operators while providing
standard parts for ease of maintenance and accessibility for
warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational
facilities in southern California.
Listed on the Toronto exchange
since November 2015, GreenPower
completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to
www.greenpowermotor.com.
Forward-Looking Statements
This document contains forward-looking statements relating to,
among other things, GreenPower's business and operations and the
environment in which it operates, which are based on GreenPower's
operations, estimates, forecasts and projections. Forward-looking
statements are not based on historical facts, but rather on current
expectations and projections about future events and are therefore
subject to risks and uncertainties which could cause actual results
to differ materially from the future results expressed or implied
by the forward-looking statements. These statements generally can
be identified by the use of forward-looking words such as "upon",
"may", "should", "will", "could", "intend", "estimate", "plan",
"anticipate", "expect", "believe" or "continue", or the negative
thereof or similar variations. These statements are not guarantees
of future performance and involve risks and uncertainties that are
difficult to predict. A number of important factors including those
set forth in other public filings (filed under the Company's
profile on www.sedar.com) could cause actual outcomes and
results to differ materially from those expressed in these
forward-looking statements. Consequently, readers should not place
any undue reliance on such forward-looking statements. In addition,
these forward-looking statements relate to the date on which they
are made. GreenPower disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. ©2024 GreenPower Motor Company Inc. All
amounts expressed in US dollars. All rights reserved.
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SOURCE GreenPower Motor Company