GreenPower Receives $5 Million LEDA Award from the State for New Mexico Facility Plus $9.6 Million Jobs Tax Credits and Incentive Funds

Rhea-AI Summary

GreenPower (NASDAQ: GP) announced plans to open a manufacturing facility in Santa Teresa, New Mexico, citing the region's EV ecosystem and Foreign Trade Zone benefits. The state committed $14.6 million in incentives, including a $5.0 million LEDA grant, $4.6 million in JTIP funds, $1.36 million in Rural Jobs Tax Credit and $3.65 million in High-Wage Jobs Tax Credit. The project is expected to create 340 permanent jobs, begin setup in Q1 2026 and take possession of the plant on June 1, 2026.

Positive

• State committed $14.6M in incentives to support the facility
• $5.0M awarded via New Mexico LEDA targeted at job creation
• 340 permanent jobs expected in Santa Teresa
• Santa Teresa Foreign Trade Zone status offers customs and inventory benefits

Negative

• Project decision materially tied to $14.6M in state incentives
• Operations planned for Q1 2026 with plant possession on June 1, 2026, a tight timeline

Key Figures

Total NM incentives $14.6 million State strategic investment for new manufacturing facility

LEDA award $5 million New Mexico Local Economic Development Act program

Job training funds $4.6 million Job Training Incentive Funds (JTIP)

Rural Jobs Tax Credit $1.36 million RJTC for New Mexico facility jobs

High-Wage Jobs Tax Credit $3.65 million New Mexico High-Wage Jobs Tax Credit program

Permanent jobs 340 jobs Expected permanent positions in Santa Teresa facility

State fleet vehicles 5,000+ vehicles Fleet electrification via EVaaS contract

EV fleet investment $400 million Four-year contract for EV fleet electrification in New Mexico

Market Reality Check

$1.24 Last Close

Volume Volume 17,159 is 0.57x the 20-day average of 30,361, indicating subdued trading activity pre-announcement. low

Technical Shares at 0.821 are trading below the 200-day MA of 3.25, despite proximity to the 52-week low.

Peers on Argus 2 Down

GP was up 7.96% while momentum-flagged peers like UGRO and FBGL were both down over 4%, pointing to stock-specific drivers rather than a sector-wide move.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Jan 08	Debt financing	Positive	+8.0%	US$10M in new credit facilities and term loans to support operations.
Jan 08	New facility plan	Positive	+8.0%	Announcement of New Mexico EV manufacturing facility with state incentives.
Dec 16	Incentive eligibility	Positive	+2.7%	California HVIP reopening with up to $130,000 incentives per EV Star vehicle.
Nov 24	Incentive program	Positive	+1.2%	NJ ZIP and ZEV financing programs supporting EV Star vehicle purchases.
Nov 20	Balance sheet move	Positive	-13.0%	Recognition of $6.8M deferred revenue improving liabilities and equity.

Pattern Detected

GP has generally reacted positively to incentive, facility, and financing news, with one notable negative reaction to a balance sheet event.

Recent Company History

Over the past several months, GreenPower has reported multiple supportive developments, including financing of US$10.0M, plans for a New Mexico manufacturing facility with state incentives, and eligibility for major EV voucher programs in California and New Jersey. A November 2025 balance sheet action recognizing $6.8M of deferred revenue preceded a -13.04% move, contrasting with generally positive reactions of 1–8% to incentive and facility news. The latest New Mexico incentives update continues this theme of policy- and funding-driven growth support.

Market Pulse Summary

This announcement detailed a significant New Mexico commitment of $14.6 million in incentives, including a $5 million LEDA award and multiple job-related tax credits, supporting GreenPower’s new manufacturing facility. It builds on the state’s broader $400 million EV fleet electrification plans and zero-emission mandates. Historically, GreenPower has frequently reported incentive and financing wins, so investors may watch how effectively these benefits translate into production scale, job creation, and improved financial performance over time.

Key Terms

foreign trade zone regulatory

""Santa Teresa's designation as a Foreign Trade Zone offers substantial benefits""

A foreign trade zone is a designated area near a port or airport where imported goods can be stored, processed, or assembled without immediately paying import taxes or going through full customs clearance. For investors it matters because companies that use these zones can lower costs, speed up supply chains, and defer or reduce taxes on inventory, which can improve cash flow and profit margins—think of it as a temporary, tax‑free garage for merchandise until it’s ready to enter the market.

v2g technical

"deploying charging infrastructure and integrating V2G technology, all under"

V2G, or vehicle-to-grid, is technology that lets electric vehicles send stored battery power back to the electrical grid as well as draw power from it. It matters to investors because it can turn cars into mobile batteries that earn money or lower energy costs, create new revenue streams for automakers and charging companies, and affect demand for batteries and grid services—similar to using a home generator that can also be rented out to help pay the mortgage.

AI-generated analysis. Not financial advice.

Company Cites Electric Vehicle Ecosystem, Foreign Trade Zone & Financial Incentives as Reasons for New Mexico Facility

SANTA TERESA, N.M., Jan. 9, 2026 /PRNewswire/ -- GreenPower Motor Company Inc. (NASDAQ: GP) ("GreenPower" or the "Company") 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 cited New Mexico's electric vehicle ecosystem, the Santa Teresa Foreign Trade Zone designation and financial incentives offered by the state as reasons the Company has announced plans to open a manufacturing facility in New Mexico.

"This is a big win for New Mexico," said U.S. Senator Martin Heinrich. "After hosting a congressional briefing with GreenPower on strengthening domestic EV supply chains, it was clear that building these electric heavy-duty vehicles in America means creating high-quality jobs and staying competitive in the race for the future of transportation. I'm proud that this partnership helped bring GreenPower's manufacturing, servicing and operations to New Mexico — creating 340 permanent jobs in Santa Teresa and delivering cleaner air for our kids."

"We are excited about yesterday's announcement of an agreement with the state of New Mexico for the establishment of GreenPower's new manufacturing facility in Santa Teresa, New Mexico," said Fraser Atkinson, CEO of GreenPower. "The Company looks forward to working closely with local stakeholders, government leaders and financial partners to create new jobs, drive economic development and accelerate the transition to zero-emission transportation in New Mexico and beyond. Being part of a larger ecosystem in the electrification of transportation for the region will ensure a successful and economically strong manufacturing presence in the state."

"We are proud to welcome GreenPower to Doña Ana County and the Santa Teresa region," said Scott Andrews, Doña Ana County Manager. "This announcement reflects the power of collaboration, between local government, the state of New Mexico, the New Mexico Partnership, Mesilla Valley Economic Development Alliance and the Border Industrial Association — working together to create an environment where innovative manufacturers can thrive. GreenPower's investment reinforces our region's role as a leader in advanced manufacturing, clean transportation and cross-border trade."

In May 2025 New Mexico entered into a contract to help achieve its fleet mandate which requires all state agencies to buy zero-emission vehicles when available, with the entire state fleet being zero-emission by 2035. The contract will help electrify more than 5,000 state fleet vehicles through EVaaS (Electric Vehicles as a Service) with a turnkey electrification solution. A separate contract, also awarded in 2025, makes a $400 million investment over four years to provide comprehensive EV fleet electrification, supporting the state's zero-emission goals by electrifying more than 2,000 school buses and 3,500 state transit and "white fleet" vehicles, deploying charging infrastructure and integrating V2G technology, all under New Mexico's "Electrify New Mexico" initiative.

"The state of New Mexico has established several policies and programs designed to aggressively promote the adaption of zero-emission vehicles," Atkinson continued, noting major contracts and requirements have been put in place in the state. "GreenPower's redesigned capital, assembly and distribution goals fit perfectly within the state's direction allowing us to benefit from both manufacturing and deployment strategies."

A strategic investment totaling $14.6 million was committed by the state to provide the financial incentives necessary for the establishment of the new manufacturing facility and was a major factor in the Company's decision to locate a new facility in New Mexico. Of the total $5 million was offered through the New Mexico Local Economic Development Act (LEDA) program which helps local governments support businesses locating in the state, focusing on job creation and economic growth through public-private partnerships. Additionally, GreenPower will receive $4.6 million in job training incentive funds (JTIP), $1.36 million in Rural Jobs Tax Credit (RJTC) and $3.65 million as part of New Mexico's High-Wage Jobs Tax Credit program.

The Santa Teresa Borderplex is a rapidly growing economic zone in southern New Mexico, centered around the Santa Teresa Port of Entry, a key U.S.-Mexico trade hub with major rail links (Union Pacific, BNSF) connecting to ports like Long Beach and Houston. It's a hub for manufacturing, logistics and advanced tech, where significant state investment has been made in infrastructure, like the Border Highway Connector.

"Santa Teresa's designation as a Foreign Trade Zone offers substantial benefits for GreenPower," Atkinson stated. "The FTZ allows us to streamline customs procedures and cost-effective import and export operations. Most importantly it allows the Company to take financial advantage of the designation related to inventory, parts and distribution. The ability to make capital decisions without fear of tariff uncertainties is a game changer in the current environment."

GreenPower anticipates setting up operations at the facility in Q1 of 2026 and take possession of the manufacturing plant June 1, 2026.

For further information contact:

Fraser Atkinson, CEO
(604) 220-8048
fraser@greenpowermotor.com        

Brendan Riley, President
Brendan@greenpowermotor.com     

Mark Nestlen, Media Relations
(405) 850-9571 

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 news release 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 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 these forward-looking statements. These statements include statements regarding:  that the Company will receive the LEDA award, the job training incentives, the Rural Jobs Tax Credit (RJTC) and that the incentives and programs will enhance the Company's ability to efficiently produce and distribute zero-emission vehicles, parts and inventory throughout North America and beyond, and that GreenPower's manufacturing facility will create 340 permanent jobs in Santa Teresa over the next decade.  You should not rely upon forward-looking statements as predictions of future events. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will support the viability of zero emission vehicles, the availability of all government awards and incentives, the availability of financing necessary for its continued operations, the availability of expertise required for the Company to carry out its planned future activities and product developments, the availability of and the ability to retain and attract qualified personnel, and the ability to maintain and strengthen its strategic partnerships in the industry. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, performance, or achievements to differ materially from those described in the forward-looking statements, including, among other things: the impact of macroeconomic uncertainties and market volatility; the Company's financial performance, including expectations regarding its results of operations and the assumptions underlying such expectations, and ability to achieve and sustain revenues and achieve profitability; the Company's ability to attract and retain customers; the Company's ability to comply with modified or new industry standards, laws and regulations applying to its business, and increased costs associated with regulatory compliance. Forward-looking statements represent the management's beliefs and assumptions only as of the date such statements are made.  Readers should also refer to the risk disclosures outlined in the Company's disclosure documents filed from time-to-time with the Securities and Exchange Commission at www.sec.gov  and SEDAR+ at www.sedarplus.ca. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by applicable law, including the securities laws of the United States and Canada.

©2026 GreenPower Motor Company Inc. All rights reserved.

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SOURCE GreenPower Motor Company

FAQ

How much did New Mexico commit to GreenPower (NASDAQ: GP) for the Santa Teresa facility?

New Mexico committed a total of $14.6 million, including a $5.0M LEDA grant and other tax credits and training funds.

How many jobs will GreenPower (GP) create at the New Mexico manufacturing plant?

GreenPower expects to create 340 permanent jobs in Santa Teresa.

What timeline did GreenPower (GP) announce for starting operations in New Mexico?

GreenPower anticipates setting up operations in Q1 2026 and taking possession of the plant on June 1, 2026.

What benefits does the Santa Teresa Foreign Trade Zone provide GreenPower (GP)?

The FTZ designation enables streamlined customs procedures, cost-effective import/export operations and inventory-related financial advantages.

Which specific incentive programs will GreenPower (GP) receive from New Mexico?

GreenPower will receive $5.0M LEDA, $4.6M JTIP, $1.36M Rural Jobs Tax Credit and $3.65M High-Wage Jobs Tax Credit.