GreenPower Motor Company, a Canadian a manufacturer of all-electric medium and heavy-duty vehicles, has entered into a revolving loan agreement with Export Development Canada (EDC) for an up to US$5 million facility to fund vehicle production to fulfil customer orders.

The facility expands the Canadian export credit agency's support to GreenPower beyond its existing letter of credit (L/C) guarantee.

Repayment on delivery

The new facility provides additional liquidity to GreenPower to fund all-electric vehicle production for approved customer orders, allowing for multiple advances over a two-year period with repayments due only when vehicles are delivered.

The revolving nature of the facility provides the flexibility to fund multiple orders and offers incremental capital in addition to GreenPower's existing US$8 million operating line of credit and the guarantee of up to US$5 million of standby L/Cs provided by EDC.

Accelerating production

The facility secures credit for Greenpower to accelerate its production of vehicles, which include a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, and cargo vans.

GreenPower reported record revenues of US$34.2 million for the nine months ended December 31, 2023, an increase of 40 per cent over the revenue of US$24.4 million for the comparable period in the previous fiscal year.

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