MONTREAL, May 14, 2021 /CNW/ - The Lion Electric
Company (NYSE: LEV) (TSX: LEV) ("Lion Electric"), a leading
manufacturer of all-electric medium and heavy-duty urban vehicles,
announced today it has been selected to participate in the
Heritage-Romeo Power Fleet Electrification Program.
The Heritage-Romeo Power Fleet Electrification Program is a
collaboration between Heritage, a leader in environmental,
sustainability and recycling services, and Romeo Power, an energy technology leader
delivering advanced electrification solutions for complex
commercial vehicle applications, to execute on Heritage's fleet
Heritage will initially purchase five Lion Electric
battery-electric trucks for the 2021 fleet electrification
validation program consisting of Class 6 and/or Class 8 vehicles.
Subject to the validation program's success to target
specifications with operational excellence experienced, Heritage
anticipates purchasing an additional 100 Lion Electric production
trucks equipped with Romeo Power
battery packs over a four-year period.
The production mix is expected to include 80 Lion8 vehicles and
20 Lion6 vehicles. Upon a successful validation program, production
is expected to commence in 2022 with completion in 2025.
"Lion Electric is thrilled to have been selected for the
Heritage-Romeo Power Fleet Electrification Program," said
Marc Bedard, CEO and Founder of Lion
Electric. "This partnership will enable us to increase the size of
our all-electric fleet of commercial vehicles on the road, powered
by cutting-edge battery technology of the highest standard –
ultimately reducing greenhouse gas emissions and building momentum
for zero-emission truck adoption throughout North America."
"We are excited to have Lion Electric as part of the
Heritage-Romeo Power Fleet Electrification Program. Lion Electric
is broadly respected for the design and quality of its all-electric
buses and commercial vehicles," said Lionel
Selwood, Jr., CEO of Romeo
Power. "We look forward to partnering with them as we
integrate our leading-edge energy technology into their
battery-electric trucks, paving the way for a more sustainable
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 many of 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. Lion shares are
traded on the New York Stock Exchange and the Toronto Stock
Exchange under the symbol LEV.
Lion Electric, The Bright Move
About Romeo Power,
Founded in 2016 and headquartered in Los Angeles, California, Romeo Power (NYSE: RMO) is an energy technology
leader delivering advanced electrification solutions for complex
commercial vehicle applications. The company's suite of advanced
hardware, combined with its innovative battery management system,
delivers the safety, performance, reliability and configurability
its customers need to succeed. Romeo
Power's 113,000 square-foot manufacturing facility brings
its flexible design and development process inhouse to pack the
most energy dense modules on the market. To keep up with everything
Romeo Power, please follow the brand
on social @romeopowerinc or visit romeopower.com.
About Heritage Environmental Services, Inc.
Environmental Services is a privately held, family-owned
environmental services business with more than 1,600 employees
across North and Central America.
The company provides a full suite of tailored solutions from
emergency response, waste disposal, and sustainability services to
on-site support and technical solutions to thousands of customers
in hundreds of industries and verticals. Throughout its 50-year
history, Heritage Environmental Services has prioritized the safety
of its employees while pursuing its purpose of protecting human
health and the environment.
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, including statements relating to
the planned construction and the commencement of operations of
Lion's manufacturing facility and its projected production
capacity. 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," "potential," "future," "target" or other similar
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that are not statements of historical matters, although not all
forward-looking statements contain such identifying words. These
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identified in this press release, and on the current expectations
of Lion's management and are not predictions of actual performance.
These forward-looking statements are provided for the purpose of
assisting readers in understanding certain key elements of Lion's
current objectives, goals, targets, strategic priorities,
expectations and plans, and in obtaining a better understanding of
Lion's business and anticipated operating environment. Readers are
cautioned that such information may not be appropriate for other
purposes and is not intended to serve as, and must not be relied
on, by any investor as a guarantee, an assurance, a prediction or a
definitive statement of fact or probability.
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, and are based on a number of
assumptions, as well as other factors that Lion believes 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 Lion's vision, business, objectives, plans and
strategies will be achieved. Many risks and uncertainties could
cause Lion's actual results, performance or achievements or future
events or developments to differ materially from those expressed or
implied by the forward-looking statements.
In addition, forward-looking statements reflect Lion's
expectations, plans or forecasts of future events and views as of
the date of this press release. Lion anticipates that subsequent
events and developments will cause Lion's assessments to change.
However, while Lion may elect to update these forward-looking
statements at some point in the future, Lion has no intention and
undertakes no obligation to do so, except as required by applicable
law. These forward-looking statements should not be relied upon as
representing Lion's assessments as of any date subsequent to the
date of this press release. Lion's forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
The complete version of the cautionary note regarding
forward-looking statements as well as a description of the relevant
assumptions and risk factors likely to affect Lion's actual
results, performance or achievements or future events or
developments to differ materially from those expressed or implied
by the forward-looking statements are included in the registration
statement on Form F-4 filed by Lion under its profile on EDGAR
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SOURCE Lion Electric