GreenPower Mtr Co Inc Stock Price, News & Analysis

On April 27, 2023, GreenPower Motor Company (NASDAQ: GP) announced a strategic partnership with H.K. Truck Center, designating it as a dealer for medium and heavy-duty electric vehicles in central New Jersey. H.K. Truck Center, a well-established operator for over 40 years, specializes in truck sales, service, and leasing. This collaboration aims to enhance GreenPower's access to market opportunities, particularly with New Jersey's recent launch of the NJ ZIP program that provides vouchers up to $218,750 for all-electric vehicles. This program supports GreenPower's EV Star vehicles and its Type D all-electric BEAST school bus, expanding the company's footprint and potential sales in the region.

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.