GreenPower Motor Company has obtained a strategic package of $14.6 million in public incentives to establish its new manufacturing facility in Santa Teresa, New Mexico. The package comprises a $5.0 million award under the New Mexico Local Economic Development Act (LEDA), $4.6 million in Job Training Incentive Program (JTIP) funds, $1.36 million in Rural Jobs Tax Credits, and $3.65 million through the state’s High-Wage Jobs Tax Credit program. The facility, slated to create 340 permanent positions, will leverage the Santa Teresa Foreign Trade Zone designation to streamline customs procedures and reduce inventory carrying costs. GreenPower plans to set up operations in Q1 2026 and take possession of the plant on June 1, 2026, positioning the company to support New Mexico’s goal of electrifying over 5,000 state fleet vehicles by 2035 and reinforcing the Borderplex region’s role as a cross-border manufacturing and logistics hub.

To strengthen its balance sheet and accelerate vehicle production, GreenPower secured $5.0 million in credit facilities from CIBC, consisting of a $3.0 million revolving line of credit and a $2.0 million term loan with a three-year tenor. The company also received approval for a $450,000 standby letter of credit, backed by cash collateral, and a contingent facility of up to $2.5 million pending third-party approval. In parallel, two family offices provided $5.0 million in term loans, guaranteed jointly and severally, in exchange for 3,205,128 non-transferable share purchase warrants exercisable at US$0.78 for 36 months and an issuance of 641,025 common shares. Proceeds will retire the existing operating line and fund general corporate needs, enabling GreenPower to fulfill its backlog of zero-emission medium- and heavy-duty vehicle orders.