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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of
February 2024
Commission File Number
001-39476
GreenPower Motor Company Inc.
(Translation of registrant's name into English)
#240 - 209 Carrall Street, Vancouver, British Columbia V6B 2J2
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F. Form 20-F [X] Form 40-F [
]
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1) [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): [ ]
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SUBMITTED HEREWITH
99.1 News Release dated February 13, 2024
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GreenPower Motors Inc.
/s/ Michael Sieffert
Michael Sieffert, Chief Financial Officer
Date: February 13, 2024
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Press Release
GreenPower Secures $5 Million Revolving Loan with EDC to Fund
All-Electric Vehicle Production for Customer Orders
Vancouver, Canada - February 13, 2024
-
GreenPower Motor Company Inc.
(NASDAQ: GP) (TSXV: GPV) ("GreenPower"), a leading manufacturer and
distributor of purpose-built, all-electric, zero-emission medium and
heavy-duty vehicles serving the cargo and delivery market, shuttle and transit
space and school bus sector, has entered into a revolving loan agreement with
Export Development Canada ("EDC") for up to $5 million (the "Facility") to
fund all-electric vehicle production pursuant to customer orders. The Facility
expands EDC's support to GreenPower beyond its existing letter of credit
guarantee.
The 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 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 $8
million operating line of credit and the guarantee of up to $5 million of
standby letters of credit provided by EDC.
GreenPower manufactures a suite of all-electric, purpose-built, zero-emission
vehicles that serves the cargo and
delivery market, shuttle and transit space and school bus sector.
"GreenPower is excited to be expanding our relationship with EDC and secure a
credit Facility that will accelerate our production of all-electric vehicles
with existing orders. This Facility allows us to access funding over multiple
orders for the next two years which has a multiplier effect on the sales we
can generate," said Fraser Atkinson, CEO of GreenPower. "The mix of funding
from EDC is a great fit with our production requirements and fulfilling our
order book without shareholder dilution."
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"EDC is thrilled to support GreenPower's international growth journey as they
manufacture a wide range of commercial electric vehicles" said Guillermo
Freire, Senior Vice-President, Mid-Market and responsible for Cleantech at
EDC. "As a strategic partner, EDC is focused on supporting medium size
companies like GreenPower achieve their true global potential."
For further information contact
Fraser Atkinson, CEO
(604) 220-8048
Michael Sieffert, CFO
(604) 563-4144
Allie Potter
Media Relations
(218) 766-8856
About GreenPower Motor Company Inc.
GreenPower 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. GreenPower
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 OEM platform allows GreenPower to
meet the specifications of various operators while providing standard parts
for ease of maintenance and accessibility for warranty requirements.
GreenPower was founded in Vancouver, Canada with primary operational
facilities in southern California. Listed on the Toronto exchange since
November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August
2020. For further information go to
www.greenpowermotor.com
.
Forward-Looking Statements
This document contains forward-looking statements relating to, among other
things, GreenPower's business and operations and the environment in which it
operates, which are based on GreenPower's operations, estimates, forecasts and
projections. Forward-looking statements are not based on historical facts, but
rather on current expectations and projections about future events and are
therefore subject to risks and uncertainties which could cause actual results
to differ materially from the future results expressed or implied by the
forward-looking statements. These statements generally can be identified by
the use of forward-looking words such as "upon", "may", "should", "will",
"could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or
"continue", or the negative thereof or similar variations. These statements
are not guarantees of future performance and involve risks and uncertainties
that are difficult to predict. A number of important factors including those
set forth in other public filings (filed under the Company's profile on
www.sedar.com
) could cause actual outcomes and results to differ materially from those
expressed in these forward-looking statements. Consequently, readers should
not place any undue reliance on such forward-looking statements. In addition,
these forward-looking statements relate to the date on which they are made.
GreenPower disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. (c)2024
GreenPower Motor Company Inc. All amounts expressed in US dollars. All rights
reserved.
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