GreenPower Motor Company Secures $5 Million Financing Approval from CIBC
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 17h ago
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Source: Newsfilter
- Financing Approval: GreenPower Motor Company has received credit approval from CIBC for $5 million in financing, which includes a $3 million revolving line of credit and a $2 million term loan with a three-year term, aimed at accelerating electric vehicle production to meet customer orders.
- Credit Facility Expansion: The company has also secured approval for a $450,000 letter of credit and a potential $2.5 million letter of credit facility, which will enhance its financial flexibility and support future operations.
- Family Office Support: GreenPower successfully closed $5 million in term loans from two family offices, which provided personal guarantees, demonstrating investor confidence in the company's strategic direction.
- Equity Incentive Plan: The company will issue 3,205,128 non-transferable share purchase warrants to one family office at an exercise price of $0.78 per share, further incentivizing investor participation in the company's long-term growth.
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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.
