GreenPower Motor Company Inc., a leading manufacturer of all-electric medium and heavy-duty vehicles, has closed the fifth tranche of its secured term loan offering, raising $250,000 USD to bolster production and sustain operational momentum. The funds are earmarked for production costs, supplier payments, payroll, and working capital.
This tranche forms part of a broader financing initiative announced in May 2025. The latest loan agreements were signed with companies controlled by GreenPower’s CEO and a Director, classifying them as related-party transactions under MI 61-101. However, the transactions are exempt from formal valuation and minority approval due to their limited market capitalization impact.
Key Loan Details:
- Loan amount: $250,000 USD
- Interest rate: 12% per annum
- Loan term: 2 years
- Security: General lien subordinated to senior debts
- Bonus Warrants: 304,878 share purchase warrants at $0.41/share
- Bonus Shares: 60,975 common shares issued to one Lender
- Hold period: 4 months + 1 day from the Closing Date
ATM Equity Offering Update:
In addition to the loan update, GreenPower disclosed progress under its at-the-market (ATM) equity offering launched in March 2025.
- 216,007 shares sold via Nasdaq in Q2 2025
- Average share price: $0.45 USD
- Gross proceeds: $97,964 USD
- Net proceeds after commission: $95,025 USD
GreenPower, known for its clean-sheet-designed zero-emission vehicles, continues to expand in the EV bus and cargo sector. Headquartered in Vancouver, Canada, with operations in Southern California, the company is advancing its mission to provide purpose-built, battery-powered vehicles for transit, delivery, and school transportation markets.
