New Mexico launches electric school bus pilot with GreenPower in three schools

SANTA FE - The New Mexico Economic Development Department and GreenPower Motor Company (NASDAQ:GP) (TSXV:GPV), an electric vehicle manufacturer currently valued at $9.55 million, announced Monday the launch of a two-year electric school bus pilot project at schools in Las Vegas and Santa Fe. According to InvestingPro data, while the company faces some financial challenges with its current debt structure, analysts anticipate strong sales growth in the coming year.

The program will deploy three Type A Nano BEAST electric school buses in the first year at Las Vegas City Schools, West Las Vegas Schools, and Monte del Sol Charter School in Santa Fe. The second year will introduce two Type D BEAST buses and one Mega BEAST bus.

The state has committed $5 million in capital outlay funds to purchase vehicles and cover pilot costs. Each bus will rotate through five different pilot locations during six-week periods, with GreenPower providing charging systems through Highland Electric Fleets, training for drivers and mechanics, and telematics tracking via Geotab. With a current ratio of 1.29, InvestingPro analysis shows the company maintains adequate short-term liquidity to support its operational commitments, though it’s worth noting the company’s significant debt burden of nearly $21 million.

"The data will help with the idea of change as schools look to create a new beginning of a clean, healthy school day," said Fraser Atkinson, GreenPower CEO, according to the press release.

The pilot will collect information on range, charging infrastructure requirements, maintenance savings, and user acceptance. The Nano BEAST features a 118 kWh battery pack with a range of up to 140 miles and can transport up to 24 passengers.

Rob Black, cabinet secretary of the Economic Development Department, said the program aligns with New Mexico’s Energy Transition Act, which aims for 100% zero-carbon electricity by 2045.

Following successful completion of both pilot phases, the state plans to support an additional $15 million for more electric school buses and expand zero-emission commercial fleets at other state departments. While the company’s revenue showed a decline in the last twelve months, InvestingPro reveals that analysts project significant sales growth of 76% for the upcoming fiscal year. Get access to over 16 additional InvestingPro Tips and comprehensive financial analysis with an InvestingPro subscription, including the detailed Pro Research Report available for GreenPower Motor Company.

The participating schools volunteered for the program, with superintendents expressing interest in evaluating how electric buses could benefit their transportation systems.

In other recent news, GreenPower Motor Company Inc. announced that its shares will resume trading on the TSX Venture Exchange. This follows the completion of a regulatory review after the company submitted its required financial documentation for the year ended March 31, 2025. Additionally, GreenPower is set to implement a 10-for-1 share consolidation on August 28, 2025, which has been approved by the TSX Venture Exchange. Post-consolidation, the number of outstanding common shares will decrease from approximately 30.46 million to about 3.05 million. The company will retain its current ticker symbols on both the TSX Venture Exchange and the Nasdaq Stock Exchange.

Furthermore, GreenPower has secured a contract with the state of New Mexico for an all-electric school bus pilot project valued at over $5 million. The project will include the deployment of three Type A all-electric Nano BEAST Access school buses for the 2025-26 school year, and three Type D all-electric BEAST and Mega BEAST school buses for the 2026-27 school year. The contract encompasses vehicle purchases, charging infrastructure costs, and overall project management. These developments indicate continued progress and strategic initiatives by GreenPower Motor Company Inc.

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