MONTREAL and CHARLOTTETOWN, PE, Aug.
10, 2021 /CNW/ - The Lion Electric Company (NYSE: LEV)
(TSX: LEV) ("Lion" or the "Company"), a leading manufacturer of
all-electric medium and heavy-duty urban vehicles and the province
of Prince Edward Island (P.E.I.),
today jointly announced that Lion has received an order for 35
LionC school buses from P.E.I. The vehicles will join the 12 LionC
buses already operating in the province, which have been servicing
routes in the Charlottetown area
since early 2021. Lion will also provide 35 Level 2 charging
stations to P.E.I. as it continues to build out its electric
vehicle infrastructure.
The purchase was made in part using funds from the governments
of Canada and Prince Edward Island, who are contributing
over $6.3 million to the clean school
bus project through the Green Infrastructure stream (GIS) of the
"Investing in Canada"
infrastructure plan.
"It is great to see Prince Edward
Island continuing the momentum to electrify the school bus
fleet within the province. It was just last November that their
initial acquisition of 12 buses was announced, and today they are
doubling down on their commitment to clean school transportation
and the health of their communities. We look forward to continuing
to work with the province on sustainable transportation solutions,"
said Marc Bedard, CEO – Founder of
Lion Electric.
"I am really happy to be working with Lion Electric. They have
supplied us with 47 buses over the past two years and their
leadership has been pivotal as we work towards achieving our net
zero goals. As Islanders, we see the impact of climate change every
day and recognize the importance of leading by example. By adding
35 new electric school buses to our existing 12 electric school
buses, more students will experience the important steps we are
taking as a province to reduce our greenhouse gas emissions as we
work to become cleaner and more sustainable for future
generations," said The Honorable Natalie Jameson, Minister of
Education and Lifelong Learning and Minister Responsible for the
Status of Women.
With a total of 47 all-electric school buses in its fleet,
P.E.I. will be one of the largest operators of zero-emission school
buses in North America, with Lion
as the largest heavy-duty zero-emission Original Equipment
Manufacturer (OEM) in the province. Transitioning to electric
school buses is a key part of the province's larger Sustainable
Transportation Action Plan, as P.E.I. moves toward an eventual goal
of replacing the entirety of its 332-school bus fleet with electric
school buses, along with transitioning its transit bus operations
to zero-emission. Putting 47 electric school buses on the road will
prevent up to 1,000 tonnes of greenhouse gas emissions on the
island each year.
Through the "Investing in Canada" infrastructure plan, the Government of
Canada is investing more than
$180 billion over 12 years in
public transit projects, green infrastructure, social
infrastructure, trade and transportation routes, and Canada's rural and northern communities.
Over the last decade, Lion has established itself as a leader in
the zero-emission heavy-duty vehicle industry, having delivered
over 390 all-electric heavy-duty vehicles in North America with over 11 million kilometers
driven since 2016. All of Lion's vehicles are purpose-built for
electric propulsion from the ground up and are manufactured in its
North American facility, which has the capacity to produce up to
2,500 heavy-duty zero-emission vehicles per year.
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
Thelionelectric.com
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of applicable securities laws. Any
statements contained in this press release that are not statements
of historical fact, including statements about Lion's beliefs and
expectations, are forward-looking statements and should be
evaluated as such.
Forward-looking statements may 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 and any other statements 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.
The Company made a number of economic, market and operational
assumptions in preparing and making certain forward-looking
statements contained in this press release including, but not
limited to, that Lion will be able to retain and hire key personnel
and maintain relationships with customers, suppliers and other
business partners, that Lion will continue to operate its business
in the normal course, that Lion will be able to implement its
growth strategy, that Lion will be able to successfully and timely
complete the construction of its U.S. manufacturing facility and
its Quebec battery plant and
innovation center, that Lion will not suffer any material
disruption in the supply of raw materials on competitive terms,
that Lion will be able to maintain its competitive position, that
Lion will continue to improve its operational, financial and other
internal controls and systems to manage its growth and size and
that its results of operations and financial condition will not be
adversely affected, that Lion will be able to benefit, either
directly or indirectly (including through its clients), from
government subsidies and economic incentives in the future and that
Lion will be able to secure any required additional funding through
equity or debt financing on terms acceptable to Lion. Such
estimates and assumptions are made by Lion in light of the
experience of management and their perception of historical trends,
current conditions and expected future developments, as well as
other factors believed to be appropriate and reasonable in the
circumstances. However, there can be no assurance that such
estimates and assumptions will prove to be correct.
By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Lion
believes that these risks and uncertainties include, but are not
limited to, the following: any adverse changes in the U.S. and
Canadian general economic, business, market, financial, political
and legal conditions, including as consequences of the global
COVID-19 pandemic and the emergence of COVID-19 variants and
varying rates of vaccination amongst various countries; Lion's
inability to successfully and economically manufacture and
distribute its vehicles at scale and meet its customers' business
needs; Lion's reliance on key management and any inability to
attract and/or retain key personnel; Lion's inability to execute
its growth strategy; Any unfavorable fluctuations and volatility in
the price of raw materials included in key components used to
manufacture Lion's products; Lion's reliance on key suppliers and
any inability to maintain an uninterrupted supply of raw materials;
Lion's inability to maintain its competitive position; Lion's
inability to reduce its costs of supply over time; any inability to
maintain and enhance Lion's reputation and brand; any significant
product repair and/or replacement due to product warranty claims or
product recalls; any failure of information technology systems or
any cybersecurity and data privacy breaches or incidents; the
reduction, elimination or discriminatory application of government
subsidies and economic incentives or the reduced need for such
subsidies; natural disasters, epidemic or pandemic outbreaks,
boycotts and geo-political events; the outcome of any legal
proceedings that may be instituted against the Company from time to
time.
These and other risks and uncertainties related to the
businesses of Lion are described in greater detail in the section
entitled "Risk Factors" in the Company's final prospectus dated
May 5, 2021 (the "Canadian
Prospectus") filed with the Autorité des marchés financiers (the
"AMF") and the registration statement on Form F-1 (the
"Registration Statement") filed with the Securities and Exchange
Commission (the "SEC") and declared effective on June 14, 2021 and other documents publicly filed
with the AMF and the SEC. Many of these risks are beyond Lion's
management's ability to control or predict. All forward-looking
statements attributable to Lion or persons acting on its behalf are
expressly qualified in their entirety by the cautionary statements
contained, and risk factors identified, in the Canadian Prospectus,
the Registration Statement and other documents filed with the AMF
and the SEC.
Because of these risks, uncertainties and assumptions, readers
should not place undue reliance on these forward-looking
statements. Furthermore, forward-looking statements speak only as
of the date they are made. Except as required under applicable
securities laws, Lion undertakes no obligation, and expressly
disclaims any duty, to update, revise or review any forward-looking
information, whether as a result of new information, future events
or otherwise.
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SOURCE Lion Electric