Northern Genesis Acquisition Corp. (NYSE: NGA) announces that
its proposed business combination partner, The Lion Electric
Company (Lion), an innovative manufacturer of all-electric trucks
and buses, announced today the construction of a battery
manufacturing plant and innovation center in Quebec.
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Utilizing cutting-edge technology, the factory is planned to
begin operations in early 2023 and will produce battery packs and
modules made from Lithium-ion cells. Construction is projected to
break ground over the next few months at a location to be confirmed
in the near future.
The project and its development represent an investment of
approximately $185 million CAD by Lion, who will benefit from an
important support by the federal and provincial governments of
approximately $100 million CAD (amounting to $50 million CAD each).
With the construction of the plant, Lion predicts to see a
considerable reduction in the cost of its vehicle manufacturing
while ensuring control and optimization of a key component of its
vehicle supply chain. Given the battery is the most expensive
component of an electric vehicle, this new manufacturing capability
will have a direct impact on the development of heavy-duty electric
transportation while also offering important environmental and
economic benefits.
The Prime Minister of Canada, the Right Honourable Justin
Trudeau, the Prime Minister of Quebec, Mr. François Legault, the
Minister of Innovation, Science and Industry, the Honourable
François-Philippe Champagne, and the Minister of the Economy and
Innovation, Mr. Pierre Fitzgibbon, made the announcement today,
accompanied by Mr. Marc Bédard, CEO and Founder of Lion
Electric.
A Milestone for Lion
With a planned yearly production capacity of 5 gigawatt-hours in
battery storage, Lion will be able to electrify approximately
14,000 medium and heavy-duty vehicles annually. The manufacturing
plant and innovation center will offer Lion many strategic
advantages, including a reduction in its battery system production
cost as well as a stable line of procurement of battery packs.
Highly automated, Lion’s factory is projected to produce one
battery module every 11 seconds and a full battery pack every 5
minutes. Lion Electric will be the first Canadian manufacturer of
medium and heavy-duty vehicles to equip itself with its own
automated battery pack manufacturing capability, utilizing
cutting-edge technology.
Lion’s innovation center will focus on research and development,
with the goal of exploring and achieving new advancements in
performance, range, energy capacity and the development of
innovative products, and will allow the company the flexibility
needed to rapidly adapt to emerging technologies.
Beyond the creation of numerous quality jobs in Quebec –
including a projected 135 direct jobs, as well as hundreds more
indirect regional jobs – this new facility will become an essential
link in a chain of specialized suppliers essential to the
electrification of transportation.
Quotes
“With today’s announcement, we are continuing to take steps to
support our Canadian businesses, invest in innovation, and protect
the environment. It is because of companies like Lion Electric that
we are accelerating our transition to a resilient and competitive
clean growth economy.”
The Rt. Hon. Justin Trudeau, Prime Minister of Canada
“In Quebec, we are fortunate to have leaders such as Lion
Electric to help build a greener, more durable economy. With its
new facilities at the cutting-edge of robotization, the company
will be able to increase its productivity and will further its
contribution to the growth or our economy. In the actual context of
economic recovery, this is the type of initiative that can help
Quebec differentiate itself in promising sectors, such as that of
batteries, and one that my government commits to support.”
François Legault, Quebec Prime Minister
“Lion is synonymous with innovation and bold entrepreneurship,
and a key player in Canada’s journey toward a sustainable, green
growth future. Investments like the one announced today support job
creation and our long-term prosperity, and position Canada as a
leader in electric transportation. The electrification of
transportation is a major driver for achieving our economic and
climate objectives. That is why we are proud to support and assist
Lion in this major milestone.”
The Hon. François-Philippe Champagne, Minister of Innovation,
Science and Industry
“This new factory will contribute to the development of the
battery sector, a priority for our government, and to the
blossoming of Lion Electric. The company is gaining an increasing
recognition in North America for its electric school buses and
trucks while experiencing healthy growth, as demonstrated by
notable contracts recently obtained from Amazon and CN, for
example.”
Pierre Fitzgibbon, Minister of Economy and Innovation
“Lion is an important player in Quebec and Canada’s ecosystem of
electrification of transportation. This factory will allow Lion to
integrate a fundamental element to the supply chain of our electric
vehicles. Thanks to the financing provided by the federal and
provincial governments, we will now be able to manufacture in
Canada what we previously imported. Lion, Quebec and Canada will
gain from this, both on the economic and environmental fronts, to
the great benefit of generations to come.”
Marc Bédard, CEO and Founder of Lion Electric
About Lion Electric
Lion Electric is an innovative manufacturer of zero-emission
vehicles. The company creates, designs and manufactures
all-electric class 5 to class 8 commercial urban trucks and
all-electric buses and minibuses for the school, paratransit and
mass transit segments. Lion is a North American leader in electric
transportation and designs, builds and assembles all its vehicles’
components, including chassis, battery packs, truck cabins and bus
bodies.
Always actively seeking new and reliable technologies, Lion
vehicles have unique features that are specifically adapted to its
users and their everyday needs. Lion believes that transitioning to
all-electric vehicles will lead to major improvements in our
society, environment and overall quality of life.
About Northern Genesis Acquisition Corp.
Northern Genesis Acquisition Corp. (NYSE: NGA) is a special
purpose acquisition company formed for the purpose of effecting a
merger, stock exchange, acquisition, reorganization or similar
business combination with one or more businesses. The Northern
Genesis management team brings a unique entrepreneurial
owner-operator mindset and a proven history of creating shareholder
value across the sustainable power and energy value chain. Northern
Genesis is committed to helping the next great public company find
its path to success; a path which will most certainly recognize the
growing sensitivity of customers, employees and investors to
alignment with the principles underlying sustainability.
Transaction with Northern Genesis
On November 30, 2020, Lion announced that it had entered into a
business combination agreement and plan of reorganization pursuant
to which, subject to the satisfaction of customary closing
conditions, a wholly-owned subsidiary of Lion will merge with
Northern Genesis Acquisition Corp. (NYSE: NGA), a publicly traded
special purpose acquisition company focused on a commitment to
sustainability and strong alignment with environmental, social and
governance principles. Upon completion of the transaction, Lion is
expected to be listed on the New York Stock Exchange (NYSE) under
the new ticker symbol “LEV”.
Transaction with Northern Genesis
On December 31, 2020, Lion filed with the U.S. Securities and
Exchange Commission (“SEC”) a preliminary registration statement on
Form F-4 (as amended, the “Registration Statement”), which includes
a preliminary proxy statement of Northern Genesis, in connection
with their proposed business combination.
Upon closing of the proposed business combination, a
wholly-owned subsidiary of Lion Electric will merge with and into
Northern Genesis, and Lion is expected to be listed on the New York
Stock Exchange (NYSE) under the new ticker symbol “LEV”.
The business combination has been unanimously approved by the
Boards of Directors of both Northern Genesis and Lion Electric and
is expected to close in the first quarter of 2021, subject to the
Registration Statement being declared effective by the SEC,
approval by Northern Genesis stockholders as well as other
customary closing conditions.
Important Information and Where to Find It
The Registration Statement filed by Lion Electric with the SEC
includes a preliminary prospectus relating to the registration of
the securities to be issued by Lion Electric to Northern Genesis’
stockholders in connection with the transaction, and a preliminary
proxy statement of Northern Genesis in connection with Northern
Genesis’ solicitation of proxies for the vote by its stockholders
with respect to the transaction and other matters as described in
the Registration Statement. After the Registration Statement has
been cleared by the SEC and declared effective, Northern Genesis
will mail a definitive proxy statement to its stockholders.
Investors and security holders of Northern Genesis and other
interested parties are urged to read the Registration Statement,
the preliminary proxy statement/prospectus and amendments thereto
and the definitive proxy statement/prospectus (the “Joint Proxy
Statement/Prospectus”), any amendments to the foregoing, and any
other documents filed with the SEC, when available, because they
will contain important information about Lion Electric, Northern
Genesis and the proposed business combination. Investors and
security holders of Northern Genesis may obtain free copies of the
Joint Proxy Statement/Prospectus (when available) and other
documents filed with the SEC by Northern Genesis and Lion Electric
through the website maintained by the SEC at http://sec.report or
by directing a request to: Northern Genesis Acquisition Corp., 4801
Main Street, Suite 1000, Kansas City, MO 64112 or (816) 514-0324.
The information contained on, or that may be accessed through, the
websites referenced in this press release is not incorporated by
reference into, and is not a part of, this press release.
Participants in the Solicitation
Northern Genesis and its directors and executive officers and
other persons may be deemed to be participants in the solicitations
of proxies from Northern Genesis’ stockholders in respect of the
proposed business combination. Lion Electric and its officers and
directors may also be deemed participants in such solicitation.
Information regarding Northern Genesis’ directors and executive
officers is available under the heading “Management” in its final
prospectus dated August 17, 2020 filed with the SEC on August 18,
2020 (the “IPO Prospectus”). Additional information regarding the
participants in the proxy solicitation and a description of their
direct and indirect interests, by security holdings or otherwise,
which may, in some cases, be different than those of their
stockholders generally, are contained in the Joint Proxy
Statement/Prospectus and will be contained in other relevant
materials to be filed with the SEC in connection with the proposed
business combination when they become available. Stockholders,
potential investors and other interested persons should read the
Joint Proxy Statement/Prospectus carefully when it becomes
available before making any voting or investment decisions. When
available, these documents can be obtained free of charge from the
sources indicated above.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities or constitute a
solicitation of any vote or approval. No offer of securities, other
than with respect to the concurrent private placement of Lion
shares as described in the Registration Statement, shall be made
except by means of a prospectus meeting the requirements of Section
10 of the Securities Act.
Forward-Looking Statements
All statements other than statements of historical facts
contained in this press release constitute “forward-looking
statements” (which shall include forward-looking information within
the meaning of Canadian securities laws) within the meaning of
Section 27A of the Securities Act. Forward-looking statements may
generally be identified by the use of words such as “believe,”
“may,” “will,” “continue,” “anticipate,” “intend,” “expect,”
“should,” “would,” “could,” “plan,” “project,” “potential,” “seem,”
“seek,” “future,” “target” or other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters, although not all forward-looking
statements contain such identifying words. These forward-looking
statements include, but are not limited to, statements regarding
the transaction, including with respect to timing and closing
thereof and the ability to consummate the transaction. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of Lion Electric’s and Northern Genesis’ management and are not
predictions of actual performance. Forward-looking statements
involve inherent risks and uncertainties, most of which are
difficult to predict and many of which are beyond the control of
Lion Electric and Northern Genesis, and are based on a number of
assumptions, as well as other factors that Lion Electric and
Northern Genesis believe are appropriate and reasonable in the
circumstances, but there can be no assurance that such estimates
and assumptions will prove to be correct or that the Lion
Electric’s vision, business, objectives, plans and strategies will
be achieved. Many risks and uncertainties could cause Lion
Electric’s actual results, performance or achievements or future
events or developments to differ materially from those expressed or
implied by the forward-looking statements, including those factors
discussed in the Registration Statement and Northern Genesis’ IPO
Prospectus, as well as other documents filed or to be filed by Lion
Electric or Northern Genesis in accordance with applicable
securities laws. These factors are not intended to represent a
complete list of the factors that could affect Northern Genesis or
Lion Electric, and there may be additional risks that neither
Northern Genesis nor Lion Electric presently know or that Northern
Genesis and Lion Electric currently believe are immaterial that
could also cause actual results to differ from those contained in
the forward-looking statements. In addition, forward-looking
statements reflect Northern Genesis’ and Lion Electric’s
expectations, plans or forecasts of future events and views as of
the date of this press release. Northern Genesis and Lion Electric
anticipate that subsequent events and developments will cause their
respective assessments to change. However, while Northern Genesis
and Lion Electric may elect to update these forward-looking
statements at some point in the future, Northern Genesis and Lion
Electric have no intention and undertake no obligation to do so
except as required by applicable law. These forward-looking
statements should not be relied upon as representing Northern
Genesis’ and Lion Electric’s assessments as of any date subsequent
to the date of this press release.
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Northern Genesis Contact:
Investor Relations Investors@northerngenesis.com
816-514-0324
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