Leading Medium and Heavy-Duty Electric Vehicle
Manufacturer Showcases Bidirectional Charging Technology in New
Video
Northern Genesis Acquisition Corp. (NYSE: NGA) announces that
its proposed business combination partner, Lion Electric (Lion),
has been successful in using its electric school buses to supply
electricity back to Con Edison utility customers, as part of the
company’s vehicle-to-grid (V2G) pilot deployment in White Plains,
New York. Lion is an innovative manufacturer of purpose-built
all-electric medium and heavy-duty urban vehicles.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20201214005259/en/
A new video highlighting the project can be seen here.
The project, which began in 2018 in partnership among Lion,
Nuvve, White Plains School District and National Express, is known
by the company to be the first successful deployment in the state
of New York of a vehicle-to-grid pilot whereby electricity flows
from electric school buses back to the grid – marking a significant
milestone in advancing V2G technology in North America. As a result
of the deployment, Con Edison is now able to successfully transmit
energy from the LionC school buses of the White Plains School
District back into the grid, which energy can then be distributed
to customers aided by Nuvve’s V2G technology.
The success of this initial V2G pilot deployment is significant
as it serves as an example of how school buses – which are ideal
for V2G integration due to their daily use patterns and overnight
storage – can be used to sell power back to the grid when demand
for energy is high, saving operators money and benefiting grid
health in the process. As such, all of Lion’s buses and heavy-duty
vehicles come equipped standard with V2G technology onboard,
providing new ROI opportunities for its customers to unlock and
realize.
As governments around the globe pursue increasingly ambitious
carbon neutrality goals based largely on renewable energy sources
and zero-emission transportation, V2G integration becomes an
increasingly important tool in balancing grids – especially when
taking into account the high peak supply inherent to renewable
energy sources.
“V2G has been a trendy word in the EV industry for many years,
but now we have proven that V2G is real thanks to our great
partners at Con Edison, Nuvve, White Plains School District and
National Express. This great project is the result of exceptional
teamwork and innovation between the partners,” said Marc-Andre
Page, Vice President of Commercial Operations at Lion Electric.
“This important milestone for V2G outlines the cooperation required
between utilities, fleet operators, school districts and regulatory
organizations to successfully implement a project of this scale.
Lion is very proud of this first successful V2G deployment and is
fully equipped to support the rollout of other similar projects
throughout North America.”
The V2G charging and discharging takes place at a depot in North
White Plains, where the buses remain plugged into a charger when
not in use. The batteries are charged when demand for power is low,
and the chargers are programmed to reverse the power flow into the
grid at times when the buses are not in operation. By charging when
demand and thus price for electricity is low and discharging when
demand is high, operators can save money on energy costs for their
fleet.
The fleet of five LionC buses are operated for the school
district by National Express, which also pays for the energy costs
during the school year. Con Edison, the New York State Energy
Research and Development Authority and National Express
collaboratively contributed to the purchase of the electric bus
fleet, while Lion aided in the project design.
“We think electric school buses may provide an opportunity to
achieve two of our company’s goals, which are reducing carbon
emissions, and maintaining our industry-leading reliability,” said
Brian Ross, Con Edison’s manager for the project. “We are
innovating to help our state and region achieve a clean energy
future in which electric vehicles will have a big role.”
“Our V2G software platform is designed to deliver grid services
such as those to Con Edison from electric school buses,” said
Gregory Poilasne, Chairman and CEO of Nuvve Corp. “The electric
buses provide a cleaner environment for communities and help lower
CO2 emissions while ensuring that driving energy needs are met
every day.”
“Our operators are dedicated to enabling the success of school
bus electrification and V2G for the White Plains School District,
with safety and reliability remaining as our top priorities,” said
Charlie Bruce, SVP of Business Development at National Express.
All of Lion’s vehicles are purpose-built for electric propulsion
from the ground up, and are manufactured at Lion’s North American
facility, which has a current capacity to produce 2,500 electric
vehicles per year. Over the last decade, Lion has established
itself as a leader in the all-electric school bus industry, having
delivered over 300 all-electric school buses in North America with
over 6 million miles driven since 2016.
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 Acquisition Corp.
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”.
Lion Electric, The Bright Move
Thelionelectric.com
Important Information and Where to Find It
In connection with the proposed business combination, Lion
Electric intends to file a registration statement on Form F-4 (the
“Registration Statement”) with the
SEC, which will include a 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, as well as the
prospectus relating to the registration of the securities to be
issued by Lion Electric to Northern Genesis’ stockholders in
connection with the transaction. After the Registration Statement
has been filed and declared effective, Northern Genesis will mail a
definitive proxy statement, when available, to its stockholders.
Investors and security holders of Northern Genesis and other
interested parties are urged to read, when available, the
Registration Statement, any amendments thereto and other any other
documents filed with the SEC, including the preliminary proxy
statement/prospectus and amendments thereto and the definitive
proxy statement/prospectus (the “Joint Proxy
Statement/Prospectus”), 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://www.sec.gov or by directing
a request to: Northern Genesis Acquisition Corp., 4801 Main Street,
Suite 1000, Kansas City, MO 64112 or (816) 983-8000. 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 “Company 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,
will be contained in the Joint Proxy Statement/Prospectus and 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 PIPE, 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, the ability to consummate the transaction, the benefits of
the transaction, the ability to satisfy the Cash Condition, the
completion of the PIPE, estimates and forecasts of financial and
other performance metrics, visibility on potential orders and
business relationships, sufficiency and use of funds following
completion of the proposed transaction, as well as the combined
company’s strategy, future operations, estimated financial
position, estimated revenues and losses, projected costs,
prospects, plans and objectives of management. 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. These forward-looking statements are provided for the
purpose of assisting readers in understanding certain key elements
of the Lion Electric’s current objectives, goals, targets,
strategic priorities, expectations and plans, and in obtaining a
better understanding of the Lion Electric’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 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 any adverse
changes in the U.S. and Canadian general economic, business,
market, financial, political and legal conditions; Lion Electric’s
inability to successfully and economically manufacture and
distribute its vehicles at scale and meet its customers’ business
needs; Lion Electric’s inability to execute its growth strategy;
Lion Electric’s inability to maintain its competitive position;
Lion Electric’s inability to reduce its costs of supply overtime;
any inability to maintain and enhance Lion Electric’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; natural disasters, epidemic or
pandemic outbreaks, boycotts and geo-political events; the risk
that a condition to closing of the transaction (including the
obtention of Northern Genesis’ stockholders approval) may not be
satisfied; the failure to realize the anticipated benefits of the
proposed transaction; the amount of redemption requests made by
Northern Genesis’ public stockholders; the risk that the proposed
transaction disrupts Lion Electric’s or Northern Genesis’ current
plans and operations as a result of the announcement of the
transaction; the outcome of any legal proceedings that may be
instituted against Lion Electric or Northern Genesis following
announcement of the transaction; the inability of the parties to
successfully or timely consummate the proposed transaction; and
those factors discussed in Northern Genesis’ IPO Prospectus, and
any subsequently filed Quarterly Report on Form 10-Q, in each case,
under the heading “Risk Factors,” and other documents of Northern
Genesis filed, or to be filed, with the SEC, as well as any
documents to be filed by Lion Electric in accordance with
applicable securities laws. These factors are not intended to
represent a complete list of the factors that could affect 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. The Company and Lion Electric anticipate that
subsequent events and developments will cause Northern Genesis’ and
Lion Electric’s 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201214005259/en/
Lion:
Patrick Gervais Lion Electric Vice President of Marketing and
Communications Patrick.Gervais@thelionelectric.com 514-992-1060
LionElectricIR@icrinc.com LionElectricPR@icrinc.com
Northern Genesis:
Avi Das Investor Relations Investors@northerngenesis.com
816-514-0324
Grafico Azioni Lion Electric (NYSE:LEV)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Lion Electric (NYSE:LEV)
Storico
Da Lug 2023 a Lug 2024