Mr. Fraser Atkinson reports

GREENPOWER SECURES $5 MILLION REVOLVING LOAN WITH EDC TO FUND ALL-ELECTRIC VEHICLE PRODUCTION FOR CUSTOMER ORDERS

Greenpower Motor Company Inc. has entered into a revolving loan agreement with Export Development Canada (EDC) for up to $5-million to finance 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 finance 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 finance 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 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, chief executive officer of Greenpower. "The mix of funding from EDC is a great fit with our production requirements and fulfilling our order book without shareholder dilution."

"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."

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 (original equipment manufacturer) 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 United States IPO (initial public offering) and Nasdaq listing in August, 2020.

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