Welcome to our dedicated page for GreenPower Motor Company news (Ticker: GP), a resource for investors and traders seeking the latest updates and insights on GreenPower Motor Company stock.
GreenPower Motor Company Inc. (NASDAQ: GP) is a prominent manufacturer and distributor of all-electric, zero-emission medium and heavy-duty vehicles catering to the cargo and delivery market, shuttle and transit space, and school bus sector. Founded in Vancouver, Canada, GreenPower has established its primary operational facilities in southern California.
Product Line and Key Technologies
- GreenPower offers a diverse range of electric vehicles including charter, school, and city buses, all of which utilize electric drive and battery technologies combined with lightweight chassis and low-floor body designs.
- The company's flagship product, the EV350 transit bus, launched in 2014, features a flexible clean-sheet design, a custom battery management system, and a proprietary flex power system for the drive motors.
- GreenPower's integrated global supplier network includes Siemens for drive motors, Knorr for brakes, ZF for axles, and Parker for dash and control systems, ensuring high-quality components and ease of maintenance.
Innovative Projects and Recent Achievements
- In April 2024, GreenPower introduced the EV Star Utility Truck, an all-electric vehicle with a payload capacity of up to 6,000 pounds and a range of up to 150 miles. This truck is part of the EV Star Cab & Chassis family and is tailored for various commercial applications.
- GreenPower's latest addition, the EV Star REEFERX, unveiled in June 2024, is a state-of-the-art all-electric refrigerated truck designed for mid to last-mile delivery, capable of transporting temperature-sensitive goods efficiently.
- The company has actively participated in several high-profile expos, including the NYC Fleet Show and the Advanced Clean Transportation Expo, showcasing its range of electric vehicles and innovative technologies.
Financial and Market Insights
GreenPower trades on both the NASDAQ and the TSX Venture Exchange under the symbols GP and GPV, respectively. The company completed its U.S. IPO and NASDAQ listing in August 2020 and has been listed on the Toronto exchange since November 2015. In May 2024, GreenPower commenced an underwritten public offering in the United States to fund the production of all-electric vehicles and product development.
Partnerships and Collaborations
GreenPower collaborates with various suppliers and partners to enhance its product offerings and market reach. The company's OEM platform allows it to meet the specifications of different operators while ensuring standard parts for ease of maintenance and warranty requirements.
Commitment to Sustainability
GreenPower is dedicated to leading the transition to sustainable transportation by providing all-electric vehicles that offer low total cost of ownership, minimal maintenance, and outstanding reliability and efficiency. The company supports various incentive programs, such as the New York Truck Voucher Incentive Program and the New York School Bus Incentive Program, to facilitate the adoption of electric vehicles.
For further information, visit www.greenpowermotor.com.
GreenPower Motor Company (NASDAQ: GP) announced its participation in the School Transportation News (STN) Expo Reno from July 12 to 17, 2024, at the Peppermill Resort in Reno, Nevada. The company will showcase its all-electric, zero-emission school buses, including the Type A Nano BEAST and Type D BEAST models, which are designed for safety and efficiency. GreenPower executives will be available for one-on-one meetings and will participate in various summits and panels focused on the adoption and safety of electric school buses. The event aims to bring together industry professionals, school districts, and government officials to explore advancements in school transportation.
GreenPower Motor Company (Nasdaq: GP) reported fiscal 2024 revenue of $39.3 million, a slight decrease from $39.7 million in the prior year. Gross profit stood at $5.36 million with a cost of sales totaling $33.91 million.
The company expanded its manufacturing capabilities in California and West Virginia, delivering its first all-electric school buses from the new West Virginia facility. GreenPower sold 222 electric vehicles, including various models of the EV Star and school buses. The company also secured a $5 million term loan and entered new markets through an expanded dealer network.
Significant investments were made in the GP Truck Body division, developing new truck designs like the EV Star Utility Truck and EV Star REEFERX. GreenPower aims to grow school bus deliveries in the current fiscal year based on existing backlog and demand.
The company earned the “2023 Green Car Product of Excellence” for its EV Star Cab & Chassis and completed a nine-month school bus pilot program in West Virginia.
GreenPower Motor Company (NASDAQ: GP) announced the delivery of its first Type D BEAST all-electric school bus, manufactured at its South Charleston, West Virginia facility, to the Kanawha County School District on June 27, 2024.
This marks a significant milestone in GreenPower's expansion of all-electric school buses. The purchase was funded entirely by the district's bus replenishment funds.
VP of Production Wendell White confirmed that the successful delivery allows GreenPower to proceed with full production plans for both the BEAST and Nano BEAST models. The company has 37 Type D BEASTs in production, earmarked for delivery to various West Virginia school districts by year-end 2024.
The update underscores GreenPower's commitment to producing zero-emission school buses, leveraging its new South Charleston facility to meet increasing nationwide demand.
GreenPower Motor Company unveiled the EV Star REEFERX, an all-electric, refrigerated medium-duty delivery truck designed for mid to last-mile temperature-controlled deliveries. The truck, now available for orders, offers a customizable design with multiple temperature zones and a payload capacity up to 5,500 lbs. It features a one-piece wall structure for better insulation and sanitation, a range of up to 150 miles, and improved total cost of ownership. This launch aligns with growing electric vehicle market trends, driven by stringent emissions regulations and increasing demand for online grocery deliveries. GreenPower aims to capitalize on the expanding global refrigerated truck market, projected to grow from $9.8 billion in 2023 to $15.4 billion by 2032.
GreenPower Motor Company (NASDAQ: GP) announced the unveiling of a new state-of-the-art, all-electric refrigerated truck at Home Delivery World on June 5-6 in Philadelphia. This truck is designed for mid to last-mile delivery. GreenPower aims to lower the total cost of ownership for its customers while meeting sustainability goals. The new vehicle is part of the EV Star line and emphasizes performance, safety, and sustainability. A LinkedIn Live event will offer a full debut and walk-through of the vehicle on June 5 at 10 a.m. EDT. Interested parties can register online for the event and schedule one-on-one meetings with GreenPower executives at the show.
GreenPower Motor Company (NASDAQ: GP) will participate in the School Transportation News (STN) Expo Indy from May 31 to June 4, 2024, in Indianapolis.
The company will showcase its all-electric, zero-emission school buses, including the award-winning Nano BEAST Access and the Type-D BEAST.
GreenPower executives will engage in discussions about safety, innovation, and funding opportunities for electric school buses.
Key events include the Green Bus Summit, the Transportation Director Summit, and a ride-and-drive event showcasing the maneuverability of the BEAST bus.
GreenPower aims to promote the adoption of sustainable and safe transportation for school children.
GreenPower Motor Company (NASDAQ: GP) announced its participation in the Advanced Clean Transportation (ACT) Expo from May 20 to 23, 2024, at the Las Vegas Convention Center. GreenPower will showcase its all-electric Type D BEAST school bus, EV Star Cab & Chassis, and EV Star Cargo Plus at booth #1230. The company aims to highlight its zero-emission vehicles designed for various transportation needs, including school buses, cargo delivery, and commercial trucks. The event will also feature discussions on state and federal incentives for electric vehicle deployment. On May 9, 2024, GreenPower closed a $2.3 million public offering, with Maxim Group underwriting the offering and receiving a 7% fee plus expenses.
GreenPower Motor Company Inc. will showcase its all-electric school bus and commercial vehicles at the NYC Fleet Show, offering zero-emission transportation solutions to businesses and school districts. The company's purpose-built vehicles are designed to reduce operating and maintenance costs while promoting sustainability. GreenPower's EV Star Utility Truck, EV Star Passenger Van, and Nano BEAST Access all-electric school bus are eligible for incentive programs in New York, supporting the state's electric transition initiatives. The company aims to meet the growing demand for clean and reliable transportation solutions in the market.
GreenPower Motor Company Inc. announced the closing of a US$2.3 million underwritten public offering consisting of 1,500,000 common shares and warrants to purchase 1,500,000 common shares. The offering price was US$1.55 per share with warrants at an exercise price of US$1.82 per share. Maxim Group acted as the sole book-running manager for the offering. The company intends to use the net proceeds for the production of electric vehicles and product development.
GreenPower Motor Company Inc. announced the pricing of a US$2.3 million underwritten public offering consisting of 1,500,000 common shares and warrants. The offering price is US$1.55 per share, with an exercise price of US$1.82 per share for the warrants. The net proceeds will be used for all-electric vehicle production, product development, and general corporate purposes. The offering is expected to close on May 9, 2024, pending customary closing conditions. The Offering is being made pursuant to an effective shelf registration statement and is available in the United States and foreign jurisdictions.
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