MONTREAL, July 30, 2021 /PRNewswire/ - The Lion
Electric Company (NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"),
a leading manufacturer of all-electric medium and heavy-duty urban
vehicles, today announced that Green Mountain Power (GMP) of
Vermont will purchase two of its
all-electric trucks – a Lion8 bucket truck for line crews and a
Lion6 stake body truck for electrical maintenance field crews. GMP
is among the first utilities in New England to receive all-electric
heavy-duty trucks for its fleet.
"As a clean energy leader, Vermont is a great example of how to integrate
sustainable energy and electrified transportation, which is key to
creating a successful sustainable society and economy in the
future," said Marc Bedard, CEO and
Founder of Lion Electric. "With reduced emissions and noise
pollution, these trucks will eliminate emissions in the communities
where they operate while saving on fleet costs, and we look forward
to growing our relationship with GMP in the future."
Lion Electric expects to deliver the first truck to GMP in the
first half of 2022, and the second one is scheduled to arrive next
summer. Adopting electric trucks creates savings for operators,
including reduced maintenance costs by up to 60%, and energy costs
by up to 80%. Additionally, the bucket truck and its auxiliary
systems run entirely off the vehicle's battery pack, eliminating
emissions and noise pollution. The bucket truck has a range of 130
miles, the stake truck can go 200 miles on a charge.
"Electrifying our heavy-duty field operations fleet to reduce
carbon emissions as we travel the state keeping the lights on and
building a more resilient grid is a critical next step in our work
to eliminate fossil fuels from our operations," said Mari McClure, president and CEO of Green
Mountain Power. "Transportation with fossil-fueled vehicles is the
top source of carbon emissions in Vermont and we're proud to start the process
of converting our line truck fleet to clean electric trucks."
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 7 million miles driven
since 2016. 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 trucks 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
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, 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
statements are based on various assumptions, whether or not
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
at www.sec.gov.
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SOURCE Lion Electric