California HVIP Incentive Program Reopens December 16th - GreenPower's EV Star Products Eligible for up to $130,000 of Incentives

Rhea-AI Summary

GreenPower (Nasdaq: GP) announced its EV Star line is eligible for up to $130,000 in California HVIP incentives as the program reopened on December 16, 2025 with more than $140 million in Standard funding available.

Standard HVIP offers $60,000 base vouchers per Class 4 zero-emission vehicle for fleets with 20+ vehicles, while small business fleets (≤20 vehicles and $15M revenue) can qualify for up to per vehicle. The Innovative Small E-Fleet program reserves $20 million for flexible adoption models. Funding is first-come, first-served; fleets should prepare documentation and work with dealers to submit vouchers quickly.

Positive

• EV Star models eligible for up to $130,000 per vehicle
• HVIP reopened with > $140 million in Standard funding
• $20 million reserved for ISEF flexible small-fleet solutions

Negative

• Standard HVIP funding is first-come, first-served and has depleted quickly in past rounds
• Medium/large fleets face high demand competition for vouchers

News Market Reaction

+2.74%

1 alert

+2.74% News Effect

+$73K Valuation Impact

$3M Market Cap

0.1x Rel. Volume

On the day this news was published, GP gained 2.74%, reflecting a moderate positive market reaction. This price movement added approximately $73K to the company's valuation, bringing the market cap to $3M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

HVIP incentives per vehicle: $130,000 HVIP funding pool: $140 million+ Base voucher (large fleets): $60,000 +5 more

8 metrics

HVIP incentives per vehicle $130,000 Maximum voucher for small business Class 4 zero-emission vehicles

HVIP funding pool $140 million+ Standard HVIP round available to fleets of all sizes

Base voucher (large fleets) $60,000 Per Class 4 zero-emission vehicle for fleets with 20+ vehicles

Unredeemed voucher cap 20 vouchers Maximum unredeemed vouchers per qualifying fleet

Small fleet size threshold 20 vehicles or fewer Definition of small business fleet under HVIP/ISEF

Small business revenue cap $15 million Annual revenue limit for small fleet eligibility

ISEF funding pool $20 million Innovative Small E-Fleet program for flexible zero-emission adoption

Pre-news share price $0.875 Close prior to HVIP incentive eligibility news

Market Reality Check

Price: $1.06 Vol: Volume 55,213 is well bel...

low vol

$1.06 Last Close

Volume Volume 55,213 is well below the 20-day average 211,657 (relative volume 0.26x). low

Technical Shares at $0.875 are trading below the 200-day MA of $3.61 and near the 52-week low of $0.845.

Peers on Argus

GP fell 9.15% with weak volume while momentum peers UGRO and FBGL also moved dow...

2 Down

GP fell 9.15% with weak volume while momentum peers UGRO and FBGL also moved down -8.99% and -5.13%, suggesting broader sector pressure alongside the company-specific California HVIP incentive update.

Historical Context

5 past events · Latest: Nov 24 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 24	Incentive program update	Positive	+1.2%	NJ ZIP reopened with EV Star Class 4 models eligible for sizable vouchers.
Nov 20	Revenue recognition	Positive	-13.0%	Recognition of <b>$6.8M</b> deferred deposits as revenue, improving equity and liabilities.
Nov 14	Production financing	Positive	-7.2%	Up to <b>$18M</b> facility to convert a backlog of over <b>$50M</b> in school buses.
Nov 14	Preferred financing	Negative	-7.2%	Series A Convertible Preferred facility up to <b>US$18.0M</b> with 9% dividend and conversion.
Nov 05	TSXV delisting	Neutral	+3.8%	Voluntary TSXV delisting citing low volume and cost; NASDAQ listing maintained.

Pattern Detected

Recent news shows mixed alignment: incentive and operational positives sometimes saw negative price reactions, while financing and listing changes often aligned with their perceived sentiment.

Recent Company History

Over the past six weeks, GreenPower has reported several funding and operational milestones. On Nov 5, it announced a voluntary TSXV delisting while maintaining its NASDAQ listing. On Nov 14, it secured a financing facility of up to $18 million tied to a backlog of over $50 million, and separately arranged up to US$18.0 million in preferred share financing. On Nov 20, it recognized $6.8 million of deferred deposits as revenue. On Nov 24, its EV Star line became eligible for New Jersey NJ ZIP incentives. Today’s California HVIP eligibility extends that incentive-driven demand backdrop.

Market Pulse Summary

This announcement highlights expanded demand support for GreenPower’s EV Star products via Californi...

Analysis

This announcement highlights expanded demand support for GreenPower’s EV Star products via California’s HVIP and ISEF programs, with vouchers of up to $130,000 per Class 4 vehicle and more than $140 million in available funding. Combined with earlier NJ ZIP incentives and recent production and financing initiatives, the company has multiple policy and capital levers to drive growth. Investors may watch how quickly vouchers are reserved, the mix between large and small fleets, and the pace at which incentives convert into deliveries and recognized revenue.

Key Terms

zero-emission, truck-as-a-service, cab & chassis, OEM

4 terms

zero-emission technical

"all-electric, purpose-built, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market"

Zero-emission describes products, vehicles, processes or facilities that do not release pollutants or greenhouse gases into the air during their operation—like an electric car that produces no tailpipe smoke. For investors it signals lower regulatory and carbon-related risk, potential access to incentives and growing customer demand, and may affect long-term costs, market share and corporate reputation in sectors shifting toward cleaner operations.

truck-as-a-service financial

"ISEF funding can be used for innovative solutions such as short-term leases, vehicle rentals, truck-as-a-service models"

Truck-as-a-service is a business model that delivers trucks plus support — such as leasing, maintenance, insurance, fuel management and telematics — on a subscription or pay-per-use basis instead of selling vehicles outright. For investors it matters because the model converts one-time sales into predictable, recurring revenue, improves fleet utilization and customer stickiness, and shifts capital and maintenance risk from buyers to providers, similar to a subscription service replacing one-time purchases.

cab & chassis technical

"built on the proprietary EV Star Cab & Chassis, are also available for immediate delivery"

A cab & chassis is a commercial vehicle sold with the driver's cab and the underlying frame, but without a finished cargo box or specialty body, so a third party can add things like delivery boxes, flatbeds, or emergency equipment. For investors, it matters because these sales reflect the base vehicle market and feed the aftermarket and upfitter ecosystem; demand affects manufacturers’ revenue mix, pricing power, and supply-chain dynamics much like selling a basic house frame that builders finish to different needs.

OEM technical

"This OEM platform allows GreenPower to meet the specifications of various operators"

OEM stands for Original Equipment Manufacturer, which is a company that produces parts or components used in the final products made by other companies. For investors, understanding OEMs is important because their performance can impact the supply chain and overall success of major industries, especially those relying on specialized parts. Think of OEMs as the suppliers that provide the building blocks for larger products, like the engine parts for a car.

AI-generated analysis. Not financial advice.

LOS ANGELES, Dec. 16, 2025 /PRNewswire/ -- GreenPower Motor Company Inc. (Nasdaq: GP) ("GreenPower"), a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today announced that its EV Star line of products are eligible for up to $130,000 in incentives under the Clean Truck and Bus Voucher Incentive Project (HVIP). The HVIP program reopened today with more than $140 Million in available incentives. 

GreenPower has a full lineup of Class 4 all-electric, purpose-built, zero-emission commercial vehicles eligible for the incentives including the EV Star Passenger Van, the EV Star Mobility Plus, the EV Star Reefer^X, the EV Star Cab & Chassis, the EV Star Stakebed Truck and the EV Star Utility Truck, among other options. 

The new round of Standard HVIP funding opens more than $140 million to fleets of all sizes. Fleets with 20 or more medium and heavy-duty vehicles are eligible for base vouchers of $60,000 per Class 4 zero-emission vehicle, with the ability to hold up to 20 unredeemed vouchers at a time. Funding will be available on a first-come, first-served basis, and past funding rounds have depleted fast, so fleets should have their documentation ready and be prepared for a dealer to submit voucher requests as soon as the window opens.

Small business fleets defined as private operators with 20 or fewer medium and heavy-duty vehicles and less than $15 million in annual revenue, remain eligible for vouchers of up to $130,000 per Class 4 zero-emission commercial vehicle. Under the Innovative Small E-Fleet (ISEF) program, which supports flexible, lower-risk pathways for smaller operators to adopt zero-emission vehicles, $20 million will be available. ISEF funding can be used for innovative solutions such as short-term leases, vehicle rentals, truck-as-a-service models and bundled offerings that include charging support, helping fleets overcome early cost and infrastructure hurdles.

"GreenPower offers a full lineup of commercial, all-electric, purpose-built, zero-emission vehicles to fit a wide range of fleet needs," said Nahui Olin, GreenPower Vice President of Business Development & Commercial Operations. "Passenger models, including the EV Star Passenger Van and EV Star Mobility Plus, are available now with multiple seating and ADA configurations. GreenPower's commercial cargo, goods, and refrigerated vehicles, built on the proprietary EV Star Cab & Chassis, are also available for immediate delivery. Fleets can choose from box trucks, refrigerated units, utility and stake bed trucks and other upfit options. We are happy and ready to work with customers and their upfitters to build a vehicle that fits their exact requirements"

With funding expected to move quickly, fleets that have been waiting for new Standard HVIP funding should act now to improve their chances of securing support. Medium and large fleets with 20 or more medium and heavy-duty vehicles face especially high demand since Standard HVIP funding covers multiple vehicle classes and is open to fleets of all sizes. "If your fleet has been waiting for funding to reopen, now is the time to move. Being prepared on day one makes a real difference in securing funding before it runs out," Olin concluded.

For further information on GreenPower's EV Star line of products and on maximizing the use of the HVIP incentives, contact Nahui Olin at nahui.o@greenpowermotor.com.

For further information contact:

Nahui Olin, VP Business Development & Commercial Operations
Nahui.O@greenpowermotor.com 

Brendan Riley, President
(510) 910-3377

Fraser Atkinson, CEO
(604) 220-8048

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. 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 Company's public documents including those filed on SEDAR+ at www.sedarplus.ca and with the United States Securities and Exchange Commission filed on EDGAR at www.sec.gov 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.

©2025 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company

FAQ

What HVIP incentive amount can GreenPower (GP) EV Star buyers receive in California?

GreenPower EV Star buyers can receive up to $130,000 per Class 4 vehicle for eligible small business fleets and base vouchers of $60,000 for larger fleets.

When did the California HVIP reopen and how much funding is available for GP vehicles?

HVIP reopened on December 16, 2025 with more than $140 million in Standard funding available.

Which GreenPower EV Star models qualify for HVIP incentives (GP)?

Eligible models include the EV Star Passenger Van, Mobility Plus, ReeferX, Cab & Chassis, Stakebed Truck and Utility Truck among other EV Star commercial variants.

What is the Innovative Small E-Fleet (ISEF) allocation and how does it help GP buyers?

ISEF provides $20 million for small operators and supports short-term leases, rentals, truck-as-a-service and bundled charging offerings to ease adoption.

How should fleets prepare to secure HVIP vouchers for GP EV Star vehicles?

Fleets should have documentation ready and coordinate with dealers to submit voucher requests immediately, since funding is allocated first-come, first-served.

Do large fleets (20+ vehicles) qualify for the same HVIP amounts for GP vehicles?

Large fleets qualify for base vouchers of $60,000 per Class 4 zero-emission vehicle and may hold up to 20 unredeemed vouchers at a time.