Benzinga | Jan 12, 2022 11:53AM EST

GreenPower Motor Plans To Manufacture Electric School Buses In West Virginia

* GreenPower Motor Company Inc (NASDAQ:GP) has entered into a lease/purchase agreement for a manufacturing facility in South Charleston, West Virginia, for manufacturing zero-emission, all-electric school buses.

* Under the agreement, the state of West Virginia has committed to purchase a minimum of $15 million of GreenPower vehicles produced at the facility.

* GreenPower has entered into a lease/purchase agreement to acquire properties in South Charleston totaling 9.5 acres and an 80,000 square foot building.

* The lease terms require no cash upfront, and monthly lease payments begin nine months after production begins.

* GreenPower plans to begin manufacturing zero-emission, all-electric school buses in the facility by the second half of 2022.

* Price Action: GP shares are trading lower by 0.81% at $7.33 on the last check Wednesday.