GreenPower Secures Revolving Loan, Names New Truck Dealer

What's the latest update on the GreenPower Motor Company's all-electric medium-duty trucks? Has the company secured any funding for its all-electric vehicle production?

Lauren Fletcher・VP of Content

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February 16, 2024

GreenPower Secures Revolving Loan, Names New Truck Dealer — Monarch Truck Center has already placed an order for four all-electric, zero-emission GreenPower EV Star Cargo Plus commercial vehicles, which will be immediately available for sale to its customers.
Photo: GreenPower | Work Truck

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GreenPower Motor Company Inc., distributor of all-electric medium-duty trucks, recently appointed Monarch Truck Center as its commercial dealer in the California Bay Area. In additional news, the company has also secured a revolving loan agreement with Export Development Canada to fund its all-electric vehicle production.

Monarch Truck Center GreenPower's Commercial Dealer in the California Bay Area

Monarch Truck Center is a leading medium-duty truck dealer in the California Bay Area and has been appointed as GreenPower's commercial dealer serving the St. Clara, San Jose, and Union City, California markets. As a dealer for GreenPower, Monarch Truck Center will be selling and renting/leasing the full EV Star lineup of all-electric, purpose-built, zero-emission commercial vehicles, including the EV Star Cargo Plus box truck.

Monarch Truck Center has already placed an order for four all-electric, zero-emission GreenPower EV Star Cargo Plus commercial vehicles, which will be immediately available for sale to its customers.

With a standard 836 cubic feet of cargo capacity, the purpose-built GreenPower EV Star Cargo Plus exceeds delivery needs with improved payload to range ratios. The box truck has an optimal battery placement that provides for a lower center of gravity, resulting in maximum cargo capacity of up to 5,000 pounds and a range of up to 150 miles.

GreenPower's Revolving Loan Agreement with Export Development Canada

GreenPower has secured a revolving loan agreement with Export Development Canada for up to $5 million 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. GreenPower has been manufacturing and distributing 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.

This revolving loan agreement would help the company meet the growing demand for all-electric vehicles and further expand its business in the United States.

Topics:Electric Trucks Medium-Duty Trucks GreenPower Vehicle Research

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