Details of the New Manufacturing Facility

The new facility, spanning 135,000 square feet, will serve as GreenPower's base for North American operations and its U.S. corporate headquarters. The location was selected due to its designation as a Foreign Trade Zone, which offers streamlined customs processes and cost-effective trade, facilitating the efficient production and distribution of zero-emission vehicles across North America.

GreenPower will receive a substantial support package from the state of New Mexico, including:

• $5 million LEDA award
• $4.6 million in job training incentive funds (JTIP)
• $1.36 million Rural Jobs Tax Credit (RJTC)
• $3.65 million from New Mexico's High-Wage Jobs Tax Credit program

Quotes from Company Leadership and State Officials

"Establishing GreenPower's new manufacturing facility in Santa Teresa marks a significant milestone in our expansion and commitment to safe, sensible, sustainable transportation solutions," stated Fraser Atkinson, CEO of GreenPower. He emphasized the importance of the region's skilled workforce in driving economic growth and innovation.

New Mexico Governor Michelle Lujan Grisham highlighted the investment's significance, saying, "With this strategic investment, we're creating high-quality jobs and strengthening our economy while building the carbon-free energy future New Mexico's families deserve."

Support for Clean Energy Initiatives

GreenPower has previously collaborated with the Economic Development Department (EDD) to launch New Mexico's first all-electric, zero-emission school bus pilot project, further solidifying the company's commitment to facilitating the state’s transition towards a sustainable transportation model. This initiative aligns with New Mexico's Energy Transition Act, which seeks to achieve 100% zero-carbon electricity by 2045.

According to Rob Black, EDD Cabinet Secretary, "The real-world data and insights we are gaining from the pilot project will help inform New Mexico's electric school bus roll-out and specifications, ensuring safety and efficiency tailored to local needs."

GreenPower's Role in the Clean Energy Economy

"We know the transportation sector is the largest contributor to greenhouse gas emissions in the nation," said Ricky Serna, New Mexico Secretary of Transportation. "GreenPower's move to the state is critical in leading the policy, manufacturing, and deployment of zero-emission vehicles."

In support of these sustainability goals, GreenPower will provide dealer-level pricing to the state for a comprehensive portfolio of Class 4 all-electric, zero-emission commercial vehicles. This includes options for box trucks, refrigerated trucks, passenger vans, buses, utility trucks, and stakebed trucks.

Upcoming Public Announcement

A public press conference is scheduled to showcase the company's all-electric, purpose-built, zero-emission Class 4 commercial vehicles and school buses during the upcoming legislative session in Santa Fe.

Forward-Looking Statements

This announcement contains forward-looking statements concerning GreenPower's business operations, expectations, and projections. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those implied. Investors should consider these factors before relying on forward-looking statements as predictions of future events.