51-102F3
MATERIAL CHANGE REPORT

Item 1Name and Address of Company

GreenPower Motor Company Inc. (the "Company" or "GreenPower")

#240 - 209 Carrall Street

Vancouver, BC V6B 2J2

Item 2Date of Material Change

October 30, 2024

Item 3News Release

The news release dated October 30, 2024 was disseminated through Cision US Inc.

Item 4Summary of Material Change

On October 30, 2024, the Company closed the public offering (the "Offering") outside of Canada of 3,000,000 common shares of the Company (the "Common Shares") pursuant to the underwriting agreement dated October 28, 2024 (the "Underwriting Agreement") with ThinkEquity LLC (the "Underwriter"). Each Common Share was sold at a public offering price of US$1.00 per Common Share (the "Share Offering Price"). Pursuant to the terms of the Underwriting Agreement, the Company also granted the Underwriter an option, exercisable for 45 days after the date of the Underwriting Agreement to purchase up to an additional  450,000 common shares (the "Over-Allotment Option"). In addition, the Company issued and sold to the Underwriter (and/or its designees) options (the "Underwriter's Warrants") to purchase up to 150,000 common shares of the Company, or up to 172,500 common shares of the Company if the Over-Allotment Option is exercised in full. Gross proceeds from the Offering were US$3,000,000 before deducting 7% underwriting discount and offering expenses.

Item 5Full Description of Material Change

5.1Full Description of Material Change

On October 30, 2024, the Company closed the Offering outside of Canada of  3,000,000 Common Shares pursuant to the Underwriting Agreement with the Underwriter. Each Common Share was sold at the Share Offering Price.

Pursuant to the terms of the Underwriting Agreement, the Company also granted the Underwriter the Over-Allotment Option, exercisable for 45 days after the date of the Underwriting Agreement to purchase up to an additional 450,000 Common Shares, and in connection with an exercise of the Over-allotment Option, the purchase price to be paid for the Option Shares is equal to the Share Offering Price.

Further pursuant to the Underwriting Agreement, the Company also issued and sold to the Underwriter (and/or its designees) the Underwriter's Warrants to purchase up to 150,000 common shares of the Company, or up to 172,500 common shares of the Company if the Over-Allotment Option is exercised in full, representing 5% of the aggregate number of Common Shares sold in the Offering and upon exercise of the Over-allotment Option for the aggregate purchase price of US$100.00. The Underwriter's Warrants are exercisable at any time and from time to time, in whole or in part, during the three year period commencing immediately from the date of issuance, at a per share exercise price equal to US$1.25, which is equal to 125% of the Share Offering Price, subject to any additional terms contained in the agreements representing the Underwriter's Warrants.

Gross proceeds from the Offering were US$3,000,000 before deducting 7% underwriting discount and offering expenses.

ThinkEquity LLC acted as sole book-running manager for the Offering.

5.2Disclosure for Restructuring Transactions

Not applicable.

Item 6Reliance on subsection 7.1(2) or (3) of National Instrument 51-102

Not applicable.

Item 7Omitted Information

None.

Item 8Executive Officer

Fraser Atkinson, CEO, Chairman and Director, (604) 220-8048

Item 9Date of Report

October 30, 2024