GreenPower Mtr Co Inc Stock Price, News & Analysis

GreenPower Motor Company (NASDAQ: GP) announced its participation in the 2023 Advanced Clean Transportation (ACT) Expo from May 1-4 at the Anaheim Convention Center, California. The company will showcase its all-electric vehicles, including the 22-foot EV Star Cargo and the award-winning Nano BEAST school bus, designed for zero-emission transport. A new commercial all-electric model will also be unveiled during the event. GreenPower aims to meet the growing demand for electric vehicles as stated by President Brendan Riley. The company will offer test drives of its EV Star vehicle and participate in a breakout session discussing zero-emission technologies.

GreenPower Motor Company (NASDAQ: GP) announced the launch of the New Jersey Zero-Emission Incentive Program (NJ ZIP), aimed at promoting all-electric vehicle adoption in New Jersey. The program features a $90 million voucher system for medium and heavy-duty vehicles, with vouchers ranging from $65,000 for the EV Star to $218,750 for the BEAST school bus. Additional 25%, 10%, and 4% vouchers are available for small businesses and overburdened communities. GreenPower's participation as an approved manufacturer allows them to assist local customers in utilizing these vouchers effectively. The EV Star platform includes various zero-emission vehicles designed for last-mile delivery, ensuring an eco-friendly transportation future. Claus Tritt emphasized the strong demand for their products under the NJ ZIP initiative.

GreenPower Motor Company (NASDAQ: GP) announced the deployment of Round 5 of its all-electric school bus Pilot Project in West Virginia school districts, including Calhoun, Putnam, Roane, and Upshur County. This initiative highlights the effectiveness of their BEAST and Nano BEAST school buses in cold and mountainous terrains, with successful operations reported throughout the 2022-23 school year. The state recently purchased 41 electric buses from GreenPower, underscoring growing demand. In conjunction with the deployment, several press conferences will discuss the health, safety, and environmental benefits of electrifying school transportation. GreenPower continues to support these districts with proper charging infrastructure and training for personnel, ensuring a sustainable transition to electric school buses.

GreenPower Motor Company (NASDAQ: GP) announced a $15 million order for 41 all-electric school buses from West Virginia, which includes a $3 million deposit. This marks a significant step in GreenPower's commitment to manufacturing zero-emission school buses in West Virginia, transitioning production at its South Charleston facility to these vehicles. The company aims to begin assembly of its Nano BEAST model soon, followed by the Type D BEAST. GreenPower's buses are projected to reduce operating costs by 70% to 80% compared to diesel buses, which could greatly benefit school districts financially. Additionally, a new law provides a 15% funding boost to districts using GreenPower buses. Current staffing plans aim for 200 employees by the end of 2024, highlighting GreenPower's growth and commitment to local jobs.

GreenPower Motor Company reported strong performance for Q4 ending March 31, 2023, delivering over 120 all-electric vehicles, marking a six-fold increase compared to the same period last year. The majority of deliveries included various models such as the EV Star Cab and Chassis and the BEAST all-electric school bus. CEO Fraser Atkinson emphasized their third consecutive quarter of record deliveries and anticipated continued growth.

The company also expanded its dealer network, notably in Maryland and Washington, D.C., and introduced a new all-electric refrigerated box truck, which is 20% more efficient than competitors. Additionally, GreenPower's vehicles are now eligible for a $40,000 Commercial Clean Vehicle Credit under the Inflation Reduction Act. In financing activities, GreenPower raised approximately $3.69 million through an equity offering at an average price of $3.43 per share.

On April 5, 2023, GreenPower Motor Company (NASDAQ: GP) announced the delivery of two Nano BEAST all-electric school buses to Portland Public Schools (PPS), marking a significant step in the district's commitment to zero-emission transportation. With this delivery, PPS becomes the first district in Oregon to adopt the purpose-built electric buses. The Nano BEAST can accommodate up to 24 students and offers a range of 150 miles per charge. As the U.S. school bus fleet is the largest public transportation system, GreenPower aims to capitalize on the growing demand for electric school buses as part of the broader electrification trend in public transport.

On March 28, 2023, GreenPower Motor Company Inc. (NASDAQ: GP) held its Annual General and Special Meeting (AGM) in Vancouver, where shareholders elected all proposed director nominees including Fraser Atkinson as Chairman and CEO. The meeting also saw approval for the 2022 and 2023 Equity Incentive Plans, which involve a rolling stock option of 10% and performance-based awards amounting to 2,467,595 common shares. Additionally, BDO Canada LLP was appointed as auditors for the upcoming fiscal year. This governance structure aims to support the company's mission of producing zero-emission vehicles and comply with regulatory requirements from the TSX Venture Exchange.

GreenPower Motor Company (NASDAQ: GP) has appointed John McDavid as the production manager for its all-electric school bus manufacturing facility in South Charleston, West Virginia, effective March 22, 2023. With over 30 years of manufacturing experience, including roles at Toyota and Gestamp, McDavid is expected to bring valuable leadership to the team. He emphasizes the importance of GreenPower's purpose-built all-electric vehicles, particularly the BEAST school bus, for West Virginia's economy and job market. This appointment aims to strengthen GreenPower’s position in the electric vehicle sector.

GreenPower Motor Company (NASDAQ: GP) announced the delivery of its first EV Star Refrigerated Box Trucks to the University of California San Diego. This innovative vehicle features a 20% more efficient and 10% lighter refrigeration unit powered by a 118 kWh battery, offering up to 150 miles range and a payload capacity of up to 5,000 pounds. The market for refrigerated trucking in North America is expected to exceed $5.9 billion by 2028. GreenPower vehicles qualify for tax credits up to $40,000 under the Inflation Reduction Act and additional funding programs in California and New Jersey.