- Lightning eMotors to provide initial test fleet of 10
zero-emission passenger vans as part of RideCo’s on-demand
microtransit service for the Los Angeles County Metropolitan
Transportation Authority (Metro)
- Test fleet supports Metro’s long-term goal of transitioning its
current fleet of vehicles to a zero-emission fleet
- Lightning eMotors is witnessing a significant increase in
interest from public transit authorities, having deployed over a
dozen fleets in the last twelve months
Lightning eMotors (NYSE: ZEV), a leading provider of
all-electric powertrains and medium-duty and specialty commercial
electric fleet vehicles, announced an agreement with on-demand
transit industry leader RideCo to provide zero-emission passenger
vans for the Los Angeles County Metropolitan Transportation
Authority (Metro).
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the full release here:
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Lightning eMotors electric passenger vans
will start operating in Los Angeles County by early next year
(Photo: Lightning eMotors / D. Bennett)
Under the agreement, Lightning eMotors will serve as the
preferred zero-emission vehicle vendor for RideCo as it manages a
fleet of vehicles for Metro Micro, a pilot program designed to
provide fast and convenient rides within the service zones in Los
Angeles County. Lightning eMotors will initially supply RideCo with
10 all-electric passenger vans. Several of those vehicles have
already been delivered, and RideCo anticipates that all 10 will be
transporting passengers around Los Angeles County by early next
year.
“From the outset, our goal was to introduce zero-emission
vehicles into our fleet. After evaluating several potential
vendors, Lightning eMotors emerged as a clear choice,” said RideCo
CEO Prem Gururajan. “We are excited to work with Lightning eMotors
to deliver this innovative microtransit service in Los Angeles
County.”
“Metro is one of the largest and most sophisticated
transportation agencies in the nation. We are proud to provide
these vans to RideCo as part of Metro’s long-term goals to
transition to zero-emission transit vehicles,” said Lightning
eMotors CEO Tim Reeser. “We are also grateful to RideCo, an
industry leader and pioneer in on-demand transit technology and
ridesharing for the public, for selecting Lightning eMotors as its
preferred vendor.”
In December 2020, Metro launched Metro Micro – a
state-of-the-art 100-vehicle on-demand microtransit service – to
connect Angelenos in outlying areas and traditionally underserved
communities with existing fixed-route bus and train network as well
as accommodate short trips in the service zones. This project is
currently piloting in seven zones across Los Angeles County, with
one more service zone planned in December 2021.
Lightning eMotors’ vans are designed with 86 kWh of battery
capacity which can transport nine passengers and the driver with
plenty of cargo space for a range of approximately 120 miles.
Additionally, Lightning eMotors is providing the charging
infrastructure to support the test fleet via its Lightning Energy
division.
ABOUT RIDECO
RideCo is an industry leader in on-demand transit technology,
enabling on-demand ridesharing for public transit riders around the
globe. We partner with transit agencies, municipalities, and
experienced local fleet operators to design and operate on-demand
transit services. Our solutions reduce travel time, decrease
walking distance, and increase service frequency for riders while
lowering transit agencies’ cost-per-ride, reducing demand for
parking, and attracting net new riders to transit systems. Visit
https://rideco.com/ to learn more about how our proprietary
cloud-based platform can revolutionize mobility in your city.
ABOUT LIGHTNING eMOTORS
Lightning eMotors (NYSE: ZEV) has been providing
specialized and sustainable fleet solutions since 2009, deploying
complete zero-emission-vehicle (ZEV) solutions for commercial
fleets since 2018 – including Class 3 cargo and passenger vans,
ambulances, Class 4 and 5 cargo vans and shuttle buses, Class 4
Type A school buses, Class 6 work trucks, Class 7 city buses, and
Class A motor coaches. The Lightning eMotors’ team designs,
engineers, customizes, and manufactures zero-emission vehicles to
support the wide array of fleet customer needs with a full suite of
control software, telematics, analytics, and charging solutions to
simplify the buying and ownership experience and maximize uptime
and energy efficiency. To learn more, visit
https://lightningemotors.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. Such forward-looking
statements include, but are not limited to, statements regarding
the anticipated launch for RideCo/Metro, whether the increase in
purchase will be sustainable or the catalyst for other public
entities to accelerate their adoption of commercial electric
vehicles, the potential impact on Lightning eMotors’ costs and
demand for its products, the expected delivery date for the new
electric commercial vehicles, and statements regarding Lightning
eMotors product and customer developments, its expectations, hopes,
beliefs, intentions, plans, prospects or strategies regarding the
future revenues and expenses and the business plans of Lightning
eMotors’ management team. Any statements contained herein that are
not statements of historical fact may be deemed to be
forward-looking statements. In addition, any statements that refer
to projections, forecasts or other characterizations of future
events or circumstances, including any underlying assumptions, are
forward-looking statements. The words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intends,” “may,”
“might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “would” and similar expressions may identify
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. The forward-looking
statements contained in this press release are based on certain
assumptions and analyses made by the management of Lightning
eMotors in light of their respective experience and perception of
historical trends, current conditions and expected future
developments and their potential effects on Lightning eMotors as
well as other factors they believe are appropriate in the
circumstances. There can be no assurance that future developments
affecting Lightning eMotors will be those anticipated. These
forward-looking statements contained in this press release are
subject to known and unknown risks, uncertainties, assumptions and
other factors that may cause actual results or outcomes to be
materially different from any future results or outcomes expressed
or implied by the forward-looking statements. These risks,
uncertainties, assumptions and other factors include, but are not
limited to: (i) the actual number of zero-emission commercial
trucks and chargers purchased pursuant to the agreement and the
actual revenue generated thereunder; (ii) those related to our
operations and business and financial performance; (iii) our
ability to deliver the products and services under the agreement on
the expected timetable; (iv) the success of our customers’
development programs which will drive future revenues; (v) our
ability to execute on our business strategy and grow demand for our
products and our revenue; (vi) the potential impact on our costs;
(vii) the potential severity, magnitude and duration of the
COVID-19 pandemic as it affects our business operations, global
supply chains, financial results and position and on the U.S. and
global economy; (viii) current market conditions and federal,
state, and local laws, regulations and government incentives,
particularly those related to the commercial electric vehicle
market; (ix) the size and growth of the markets in which we
operate; (x) the mix of products utilized by the Company’s
customers and such customers’ needs for these products; and (xi)
market acceptance of new product offerings and whether this will be
a catalyst for others to purchase electric vehicles. Moreover, we
operate in a competitive and rapidly changing environment, and new
risks may emerge from time to time. You should not put undue
reliance on any forward-looking statements. Forward-looking
statements should not be read as a guarantee of future performance
or results and will not necessarily be accurate indications of the
times at, or by, which such performance or results will be
achieved, if at all. Should one or more of these risks or
uncertainties materialize or should any of the assumptions being
made prove incorrect, actual results may vary in material respects
from those projected in these forward-looking statements. We
undertake no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities
laws.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211116005147/en/
Media and Investor Relations Nick Bettis (800) 223-0740
pressrelations@lightningemotors.com
investorrelations@lightningemotors.com
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