GreenPower Motor Company Invests $200M in New Mexico, Creating 340 Jobs
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 08 2026
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Source: PRnewswire
- Strategic Investment: GreenPower Motor Company has reached an agreement with the New Mexico Economic Development Department to establish a 135,000 sq. ft. facility in Santa Teresa, which is expected to generate over $200 million in economic impact and create 340 jobs over the next decade, thereby driving local economic growth.
- Government Support: The company will receive a $5 million LEDA award and $4.6 million in job training incentive funds, while also qualifying for a $1.36 million Rural Jobs Tax Credit and $3.65 million under the High-Wage Jobs Tax Credit program, enhancing its ability to efficiently produce and distribute zero-emission vehicles across North America.
- Sustainability Goals: The new facility will support New Mexico's Energy Transition Act, aiming for 100% zero-carbon electricity supply by 2045, marking the state's leadership in the clean energy transition and aligning with the governor's sustainability objectives.
- Market Opportunities: The facility's Foreign Trade Zone designation will streamline customs processes and reduce production and distribution costs, enabling GreenPower to effectively meet the diverse needs of public agencies and commercial operators, further solidifying New Mexico's position as a hub for green manufacturing and international commerce.
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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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