New Jersey ZIP Reopens with $37.5 Million in New Funding

Rhea-AI Summary

GreenPower (NASDAQ: GP) announced its EV Star line is eligible for incentives under the reopened New Jersey Zero-Emission Incentive Program (NJ ZIP), effective Nov 24, 2025. Class 4 EV Star models qualify for base vouchers of $65,000 and, with stackable bonuses, may receive more than $90,000 per vehicle. NJ ZIP reopened with $75 million in total funding split into two rounds of $37.5 million each.

Separately, the new NJ ZEV Financing Program offers fixed, low-interest loans from $50,000 to $500,000 for up to 100% of eligible vehicle costs, usable alongside NJ ZIP vouchers.

Positive

• Vouchers of $65,000 to >$90,000 per Class 4 vehicle
• $75M total NJ ZIP funding (two rounds of $37.5M)
• NJ ZEV loans available $50k–$500k up to 100% of vehicle cost
• Immediate delivery availability for multiple EV Star models

Negative

• NJ ZIP funds are first-come, first-serve, limiting long-term access
• Voucher pool split into two $37.5M rounds reduces per-round capacity

GreenPower's EV Star Line-up Eligible for more than $90,000 in Incentives

HAINESPORT, N.J., Nov. 24, 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 incentives under the reopened New Jersey Zero-Emission Incentive Program (NJ ZIP).

GreenPower has a full lineup of Class 4 commercial all-electric, purpose-built, zero-emission eligible vehicles 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. They are eligible for incentives ranging from $65,000 to more than $90,000 under NJ ZIP. The program reopened on November 24, 2025 with a total of $75 million in available incentives, split into two funding rounds of $37.5 million each.

NJ ZIP vouchers are available for GreenPower's Class 4 EV Star models starting with the base vouchers of $65,000 per Class 4 zero-emission vehicle. With additional stackable applicant bonus criteria, GreenPower's models may be eligible for total vouchers worth more than $90,000 per vehicle.

The new NJ ZEV (Zero Emission Vehicle) Financing Program will also provide financing for commercial vehicle operators to adopt zero-emission vehicles. This new program complements NJ ZIP by offering financing for vehicle costs that may not be covered by vouchers or other grants. The NJ ZEV Financing Program offers fixed, low-interest rate loans from $50,000 to $500,000 for up to 100% of eligible vehicle costs. NJ ZEV Financing can be used alongside NJ ZIP or independently.

"GreenPower has a full lineup of commercial all-electric, purpose-built, zero-emission vehicles to meet the customer's needs. Passenger options are available now including the EV Star Passenger Van and EV Star Mobility Plus, both with multiple seating configurations and ADA configurations," said Nahui Olin, GreenPower Vice President of Business Development & Commercial Operations. "GreenPower's commercial cargo, goods and refrigerated lineup, built upon its proprietary EV Star Cab & Chassis, are also available for immediate delivery. A variety of upfits are available including box trucks, refrigerated units, utility and stake bed trucks or other vehicles. GreenPower is happy to work with customers and their upfitters to create the vehicle of their choice."

NJ ZIP funds are available on a first-come, first-serve basis so taking early action is critical. "With the return of NJ ZIP and the launch of NJ ZEV Financing Program, there's never been a better time for New Jersey fleet owners to convert to all-electric, zero-emission vehicles. By offering generous incentives and new low-interest financing, New Jersey has become a leader in offering operators a real path to electrify without compromise," Olin concluded.

"We are thrilled to join GreenPower in bringing commercial zero-emission vehicles to fleets across New Jersey," said James Titus, Wolfington Body Company Inc., General Manager. "As a fifth-generation, family-owned business serving the transportation industry since 1876, we are proud to help our customers make the move to a safe, sustainable and sensible transportation future."

For further information contact:

Nahui Olin, VP Business Development & Commercial Operations 
nahui.o@greenpowermotor.com 
(480) 536-1856

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.

 

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SOURCE GreenPower Motor Company

FAQ

What incentives does GreenPower (GP) qualify for under NJ ZIP on Nov 24, 2025?

GreenPower Class 4 EV Star models qualify for base vouchers of $65,000 and may be eligible for more than $90,000 with stackable bonuses.

How much funding did NJ ZIP reopen with for GreenPower (GP) vehicles?

NJ ZIP reopened with $75 million in total incentives, split into two funding rounds of $37.5 million each.

What financing is available through the NJ ZEV Financing Program for GP buyers?

The NJ ZEV Financing Program offers fixed, low-interest loans from $50,000 to $500,000 for up to 100% of eligible vehicle costs, usable alongside NJ ZIP.

Which GreenPower EV Star models are eligible for New Jersey incentives?

Eligible models include EV Star Passenger Van, EV Star Mobility Plus, EV Star ReeferX, EV Star Cab & Chassis, EV Star Stakebed Truck, and EV Star Utility Truck.

Does GreenPower (GP) have vehicles ready for delivery to New Jersey fleets?

Yes; GreenPower indicates passenger and commercial EV Star models are available for immediate delivery and a variety of upfits.