GreenPower Chooses NM for New Facility, Announces Financing and LEDA Award

This week, GreenPower Motor Company, a manufacturer of all-electric medium- and heavy-duty vehicles, announced an agreement with the New Mexico Economic Development Department (EDD) to establish operations in Santa Teresa, New Mexico.

Headquartered in Vancouver, Canada, and with current facilities in Southern California and West Virginia, GreenPower designs and produces purpose-built, zero-emission vehicles for cargo and delivery fleets, shuttle and transit applications, and the school bus market. The new 135,000-square-foot Santa Teresa facility will serve as the company’s North American base of operations and U.S. corporate headquarters. The project is expected to create more than 340 jobs and generate over $200 million in economic impact for New Mexico over the next ten years.

To support this investment, GreenPower will receive a $5 million LEDA award, $4.6 million in Job Training Incentive Program (JTIP) funds, a $1.36 million Rural Jobs Tax Credit, and $3.65 million through New Mexico’s High-Wage Jobs Tax Credit program. The Foreign Trade Zone designation in Santa Teresa was a key factor in the site selection, enabling streamlined customs processes, duty savings, and competitive cross-border logistics.

“Establishing GreenPower’s new manufacturing facility in Santa Teresa marks a significant milestone in our expansion,” said Fraser Atkinson, CEO. “The region’s skilled workforce and trade advantages will accelerate our ability to produce and distribute zero-emission vehicles across North America.”

Governor Michelle Lujan Grisham emphasized alignment with the state’s climate strategy, noting that the investment advances economic development while supporting New Mexico’s goal of net-zero emissions. The initiative builds on GreenPower’s earlier collaboration with EDD to deploy the state’s first all-electric school bus pilot program in Las Vegas and Santa Fe schools, supporting the Energy Transition Act and a 100 percent zero-carbon electricity target by 2045.

EDD Cabinet Secretary Rob Black highlighted that data from the pilot program is informing statewide electric school bus deployment strategies, while GreenPower President Brendan Riley credited the Governor’s policy leadership in attracting EV manufacturing to the state. New Mexico Secretary of Transportation Ricky Serna underscored that transportation remains the largest source of greenhouse gases and identified the project as central to fleet electrification goals.

“Governor Lujan Grisham’s steadfast commitment to advancing zero-emission vehicles has provided a supportive policy environment that encourages companies like GreenPower to invest and innovate,” said GreenPower President Brendan Riley. “Her administration’s ambitious sustainability goals align perfectly with GreenPower’s mission to deliver clean, reliable transportation solutions, contributing to a healthier environment and a stronger state economy.”

To further support state and regional sustainability objectives, GreenPower will provide dealer-level pricing to New Mexico for Class 4 all-electric commercial vehicles including box trucks, refrigerated trucks, passenger vans, buses, utility trucks, and stakebed trucks. A public press conference during the upcoming legislative session will showcase these vehicles and GreenPower’s all-electric school buses.

Separately, the company announced that it has received credit approval from CIBC for $5 million in financing facilities, including a $3 million revolving line of credit and a $2 million term loan. GreenPower has also closed $5 million in additional term loans from two family offices, with proceeds used to retire an existing operating line of credit and for general corporate purposes. Warrants and bonus shares will be issued in connection with these loans under applicable securities exemptions, subject to statutory hold periods.

GreenPower cited New Mexico’s EV ecosystem, financial incentives, and the Santa Teresa Foreign Trade Zone as primary reasons for locating the new facility in the state. U.S. Senator Martin Heinrich emphasized the project’s role in strengthening domestic EV supply chains and delivering high-quality jobs. Local officials in Doña Ana County also welcomed the investment, highlighting strong regional collaboration.

New Mexico has enacted policies requiring state fleets to transition to zero-emission vehicles, with contracts awarded to electrify more than 5,000 vehicles and integrate charging and vehicle-to-grid technologies under the “Electrify New Mexico” initiative. Atkinson noted that GreenPower’s capital allocation and assembly plans closely align with these mandates.

The Santa Teresa Borderplex, anchored by the Santa Teresa Port of Entry and major rail connections, continues to grow as a manufacturing and logistics hub. The Foreign Trade Zone designation will enable GreenPower to reduce tariff exposure, streamline trade flows, and optimize inventory and distribution performance.

GreenPower anticipates initiating operations at its new facility in the first quarter of 2026 and expects to take possession of the plant on June 1, 2026.

EVinfo.net’s Take: Fleet Electrification Is Accelerating Fast Across North America

An EV fleet conversion survey by Qmerit in May 2025 highlights the rapid pace of electrification nationwide. Sixty-four percent of fleet professionals report that electric vehicles are already incorporated into their operations. Although just 7 percent indicated that between 20 and 50 percent of their fleet was electric in 2024, respondents expect that figure to rise to 36 percent in 2025, signaling substantial near-term expansion of EV penetration.

The results align with broader market trends in electric vehicle adoption. In a separate survey, 87 percent of fleets reported plans to transition to electric within the next five years. This indicates that most organizations see a defined pathway to electrification, including those that have yet to deploy any EVs in active service.