JOLIET,
Ill., Sept. 30, 2022 /CNW Telbec/ - Lion
Electric Company (NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"),
a leading manufacturer of all-electric medium and heavy-duty
vehicles, is congratulating the U.S. Environmental Protection
Agency (EPA) on the overwhelming success of its Clean School Bus
Program – which is resulting in the EPA nearly doubling the amount
awarded in its initial round of funding to nearly $1 billion.
Thanks to the resounding interest in this year's initial tranche
of $500 million for which
applications closed in August, the EPA announced it will be
drastically increasing the amount of funding that will be awarded
this year to $965 million. The EPA
saw outstanding interest for this year's initial round of funding,
with around 2,000 applications amounting to nearly $4 billion, for a total of over 12,000 buses.
Furthermore, an additional $1 billion
in funding will be available for fiscal year 2023.
"As a manufacturer of purpose-built 100% electric school buses,
it is extremely encouraging to see the resounding success of this
initial round of the EPA Clean School Bus Program. An
oversubscription rate of nearly eight times the available
$500 million proves that the school
transportation industry is ready to move beyond polluting diesel
school buses, for the improvement of the health of our students and
communities," said Marc Bedard, CEO
– Founder of Lion Electric. "As the leader in all-electric school
buses with over 600 buses on the road which he have been deploying
since 2016, we are very excited to assist districts with the next
round of funding, as we did with the first. Congratulations to the
EPA on this great success!"
Electric school buses saw overwhelming interest in this year's
initial round of applications, comprising 90% of Clean School Bus
Program applications, demonstrating the high demand Lion is seeing
in the marketplace for all-electric school buses. Awards for this
year's applications will be announced in October 2022.
Lion all-electric school buses are eligible for up to
$375,000 per bus in funding for
priority districts, which can represent up to 100% of an
all-electric school bus price, while other eligible districts can
receive up to $250,000 per bus, thus
largely aligning the price of an electric bus to that of a
conventional internal combustion engine vehicle. EnergyStar
certified charging infrastructure is also eligible for funding,
which LionEnergy can also help customers to secure and install.
As part of the Infrastructure Investment and Jobs Act, the U.S.
Federal Government has dedicated $5
billion in funding to deploy zero-emission and clean school
buses over the next five years, which will help to bring healthy
commutes to students around the country, especially in underserved
communities which have historically had disproportionately poor air
quality. School districts will also benefit from the reduced energy
and maintenance costs that all-electric school buses have to
offer.
Through its LionGrants team of funding experts and as an
eligible contractor under the program, Lion can apply on behalf of
school districts and private fleets, as well as assist them with
their own direct applications. Organizations which can benefit from
rebates under the program include state and local government
entities which provide school bus services, for-profit and
non-profit school bus contractors that meet eligibility
requirements, non-profit school transportation associations,
tribes, tribal schools and tribal organizations.
Additionally, the LionGrants team is currently actively tracking
billions of dollars in available funding across North America and can assist customers in
applying for a wide variety of state, municipal, utility and air
district funding.
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 Canadian and
United States securities laws,
including the Private Securities Litigation Reform Act of 1995. Any
statements contained in this press release that are not statements
of historical fact, including statements about Lion's beliefs and
expectations relating to the offer and sale of Common Shares under
the ATM Program, 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. These forward-looking statements include
statements regarding the offer and sale of Common Shares under the
ATM Program, including the timing and amounts thereof, and the use
of any proceeds from the ATM Program.
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. Such risks
and uncertainties are described in greater detail in the Canadian
Prospectus Supplement, the US Prospectus Supplement and section
23.0 entitled "Risk Factors" of the Company's annual MD&A for
the fiscal year 2021. Many of these risks are beyond Lion's
management's ability to control or predict. All forward-looking
statements included in this press release are expressly qualified
in their entirety by the cautionary statements contained herein and
the risk factors included in the Canadian Prospectus Supplement,
the US Prospectus Supplement, the Company's annual MD&A for the
fiscal year 2021 and in other documents filed with the applicable
Canadian regulatory securities authorities 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/lion-electric-congratulates-epa-on-doubling-clean-school-bus-rebate-awards-to-nearly-1-billion-301637584.html
SOURCE Lion Electric