GreenPower Announces $14.6M New Mexico Facility, Creating 340 Jobs
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 09 2026
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Source: Newsfilter
- Manufacturing Investment: GreenPower Motor Company has announced a $14.6 million investment to establish a manufacturing facility in New Mexico, which is expected to create 340 permanent jobs, significantly boosting local economic development and enhancing electric vehicle manufacturing capabilities.
- Policy Support: The financial incentives provided by New Mexico include $5 million from the Local Economic Development Act and $4.6 million in job training incentives, aimed at promoting the production and distribution of zero-emission vehicles in alignment with state environmental goals.
- Foreign Trade Zone Benefits: The designation of Santa Teresa as a Foreign Trade Zone allows GreenPower to streamline customs procedures and reduce import/export costs, thereby enhancing operational efficiency and strengthening market competitiveness.
- EV Ecosystem Contribution: The new facility will support New Mexico's electric vehicle ecosystem, aiding the state government in achieving its goal of a zero-emission fleet by 2035, thus promoting sustainable transportation development.
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About GP
GreenPower Motor Company Inc. is a Canada-based company, which 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. It 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 original equipment manufacturer (OEM) platform allows the Company to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. The Company has its primary operational facilities in southern California. Its products include EV Star Cab & Chassis; EV Star Cab & Chassis Right Hand Drive; EV Star Cargo; EV Star Cargo Plus; EV Star Stakebed Truck; EV Star Passenger Van; EV Star Mobility Plus; AV Star; EV250; EV350; Type D BEAST; Mega BEAST, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
GreenPower Motor Company Secures $5 Million Financing to Advance Electric Vehicle Production
- Successful Financing: GreenPower Motor Company has closed a $5 million financing from CIBC, consisting of a $3 million revolving line of credit and a $2 million term loan with a three-year term, enhancing the company's liquidity to support electric vehicle production.
- Personal Guarantee Incentives: Two directors provided personal guarantees for the financing up to $5 million and received 2,016,129 warrants and 403,225 shares as incentives, further strengthening the company's governance structure.
- Clear Use of Funds: A portion of the net proceeds from the financing was used to repay the existing operating line of credit, while the remainder will be allocated for general corporate purposes, ensuring the company's ongoing operations and growth in the electric vehicle market.
- Transparent Compliance Transactions: The issuance of warrants and shares is classified as a related party transaction, exempt from formal valuation and minority approval requirements under MI 61-101, ensuring compliance and transparency during the financing process.
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