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GreenPower Motor Company Inc. designs, builds and distributes all-electric medium- and heavy-duty vehicles for cargo and delivery, shuttle, transit and school bus markets. Its product references include high-floor and low-floor transit buses, school buses, shuttles, cargo vans and cab-and-chassis platforms built around a purpose-built electric OEM design.
GreenPower news commonly covers operating and financial results, vehicle production strategy, customer-order activity, financing facilities, convertible preferred share transactions, Nasdaq listing compliance, auditor and board changes, annual meeting results and other governance matters tied to its public-company status.
On February 14, 2023, GreenPower Motor Company (NASDAQ: GP) announced the granting of 420,000 incentive stock options to its Directors and Officers, along with 225,000 options for employees and 15,000 options for a consultant. These stock options, pending TSX Venture Exchange approval, are exercisable for five years at CDN $3.80 per share. Vesting schedules differ: for Directors, 25% vest after four, six, nine months, and the final 25% after one year; for employees, 25% vest after four months, with subsequent increments after one, two, and three years.
GreenPower Motor Company (Nasdaq: GP) announced record-breaking revenues and deliveries for its third quarter ended December 31, 2022.
The company reported revenues of $12.8 million, marking a 140% increase compared to the previous year, with 101 vehicles delivered, including the first Nano BEAST school bus.
Deferred revenue stood at $12 million, projecting further growth in the next year. GreenPower's inventory increased to $46.2 million, with over $34 million in finished goods aimed at fulfilling current orders. The company raised $3.5 million from its equity program to support production and development.
GreenPower Motor Company (NASDAQ: GP) has announced a conference call scheduled for February 14, 2023, at 6:30 a.m. PT / 9:30 a.m. ET. The call aims to provide shareholders and interested parties with a business update and discuss the financial results for the third quarter ending December 31, 2022. Participants can dial in using the provided numbers, and a replay will be available shortly after the call. GreenPower designs and manufactures a range of all-electric vehicles for various sectors, including transit and cargo, emphasizing zero-emission technology.
GreenPower Motor Company (NASDAQ: GP) has appointed K. Neal International Trucks as its exclusive dealer for all-electric Type D BEAST and Type A Nano BEAST school buses in Maryland and Washington D.C. This partnership is strategically aligned with the region's 8,000 operational school buses and the push towards electric alternatives, supported by the EPA Clean School Bus Program. K. Neal is recognized for excellence in customer support and has agreed to purchase units for demonstrations. GreenPower's Nano BEAST features leading specifications, including a range of 150 miles, and the BEAST supports up to 90 passengers.
GreenPower Motor Company (NASDAQ: GP) announced a record delivery of 101 electric vehicles in Q3 2022, marking a significant rise from previous quarters. The majority were EV Star models and the Nano BEAST Type A school bus. CEO Fraser Atkinson noted a growing order backlog of 2,000 vehicles, supported by firm contracts and government funding. Additionally, GreenPower completed the second phase of a school bus pilot project with positive performance results. The company reported issuing 458,404 common shares at an average price of $2.40, generating net proceeds of approximately $1.07 million.
GreenPower Motor Company (NASDAQ: GP) has launched Round 3 of its all-electric school bus pilot project in West Virginia, deploying Type D BEAST and Type A Nano BEAST buses in Boone, McDowell, Raleigh, and Wyoming counties. Preliminary data from the first two rounds show these buses achieving excellent performance with a range of 200 to 250 miles per day. The ongoing project aims to evaluate the buses in various weather conditions, helping districts consider permanent electric bus integration. Press conferences and training sessions are scheduled to promote the project.
GreenPower Motor Company (NASDAQ: GP) has appointed Claus C. Tritt as Vice President of Medium Duty and Commercial Vehicle Sales. Tritt brings 36 years of automotive experience, including significant roles at Mercedes-Benz, where he was pivotal in launching the Sprinter Van in the U.S. market. His appointment is expected to enhance GreenPower's sales efforts for its EV Star platform, focusing on growth in 2023. The company aims to position itself as a leader in the electric vehicle space, emphasizing customer-centric sales and strong dealer relationships.
GreenPower Motor Company has appointed Peterson Trucks, Inc. as the dealer for its BEAST Type D and Nano BEAST Type A all-electric school buses in Oregon. This partnership aims to enhance GreenPower's existing market presence, with Peterson bringing 76 years of experience and five operational locations in the state. The agreement includes an order for two Type D BEAST buses for demonstration purposes. GreenPower has already initiated bus sales discussions with several Oregon school districts, indicating strong demand for their zero-emission vehicles.
GreenPower Motor Company (NASDAQ: GP) announced an enhanced partnership with Gemilang International Limited (GML) to develop and market right-hand drive electric-powered class 4 trucks and vans for demand across Asia, the Middle East, and Europe. GreenPower has already delivered an EV Star Cab and Chassis to GML and plans further deliveries, responding to increasing global electrification trends. GML, with over 30 years of experience, will body the chassis for various applications, tapping into significant market opportunities driven by government support for renewable energy.
GreenPower Motor Company (NASDAQ: GP) will ring the Opening Bell at Nasdaq MarketSite on December 6, 2022, at 9:15 a.m. ET. The event celebrates the company's achievements in the electric vehicle sector, particularly in manufacturing all-electric school buses in West Virginia. CEO Fraser Atkinson will lead the ceremony alongside partners and stakeholders. Featured at the event will be the award-winning Nano BEAST, recognized for its extensive range of up to 150 miles and its large battery pack for a Type A school bus. The ceremony will be livestreamed on Nasdaq's channels.