Benzinga - GreenPower Motor (NASDAQ: GP) shares are trading higher after the company announced West Virginia purchased $15 million of its all-electric school buses.
What to Know: On Thursday, GreenPower Motor Company announced that it had received a $15 million order for 41 GreenPower Type D BEAST and Type A nano BEAST all-electric school buses. As part of the agreement for manufacturing the buses in West Virginia, GreenPower received a $3 million deposit from the state.
This deal is fresh off a pilot project to deploy GreenPower's products into school systems. 15 West Virginia school districts have deployed GreenPower's school buses in their systems, and the fifth round of the project will deploy next week to finish out the school year.
"The fact that our workers will be manufacturing the school buses being purchased by the state that their kids and grandkids will be riding to and from school on brings me great pride," commented Brendan Riley, president and director of GreenPower.
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.
According to data from Benzinga Pro, GreenPower Motor stock was up 22.2%, trading at $2.75 at the time of publication. The stock has a 52-week high of $8.26 and a 52-week low of $1.67.
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