SANTA FE, N.M. — Today, the State of New Mexico and GreenPower Motor Company entered into a Memorandum of Understanding (MOU) for an all-electric, purpose-built school bus pilot project in school districts across the state.

GreenPower President Brendan Riley and New Mexico Economic Development Department (EDD) Secretary-Designate Rob Black signed the MOU. EDD is working with the company to find a service center facility in the state.

The state is supporting the program with a $5 million capital outlay appropriation to purchase all-electric, zero-emission school buses, installation of charging stations, and management costs. The program will operate during the 2025-2026 and 2026-2027 school years.

"The EDD team is working with GreenPower to establish a presence in New Mexico and encourage other EV supply chain entities to be part of a Western U.S. manufacturing hub," Secretary Black said. "This pilot program highlights how New Mexico's leadership in the industry and innovative business climate is attracting cutting-edge technologies to the state."

One of the pilot program's primary goals is to assess the viability and reliability of fast charging in various environments and circumstances. The school districts' participation in the pilot will be voluntary, with selection criteria established by the parties.

"New Mexico has an excellent workforce and is a great place for clean energy businesses," GreenPower's Riley said. "We look forward to this pilot project, providing the schools an experience with Class 4, Type A and Type D, all-electric, purpose-built, zero-emission school buses. The pilot will determine how state and local governments in New Mexico, and the entire Southwest, can be best served as the market expands for clean commercial vehicles, vans, and buses.,"

After two successful pilot phases, the MOU states that EDD will support an additional $15 million for more school buses. The state also pledges to work with GreenPower to expand the all-electric, zero-emission commercial fleet at the Department of Transportation and the General Services Department.

Today's signing comes on the heels of last week's MOU announcement in Washington, D.C. between GreenPower and Impact Clean Power Technology S.A., a Poland-based manufacturer of batteries that currently supplies more than 20% of the European transit market. That MOU outlined both companies' commitment to American-made lithium iron phosphate batteries in the deployment of GreenPower's medium- and heavy-duty vehicles, including its Type D BEAST and Type A Nano BEAST all-electric, purpose-built school buses.

GreenPower Motor Company Inc. (NASDAQ: GP) is a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium- and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space, and school bus sector. GreenPower employs a clean-sheet design to manufacturing while integrating global suppliers for key components.