By Adriano Marchese

Lion Electric shares climbed Thursday morning after the company said that it was awarded a grant of $38 million for new electric buses and charging infrastructure in the U.S.

At 10:00 a.m. ET, shares trading in Toronto gained 5% to 2.51 Canadian dollars ($1.88).

The manufacturer of zero-emission vehicles said late Wednesday that the grant is for 97 school buses and related charging infrastructure, which is part of the U.S. Environmental Protection Agency's latest round of awards under the Clean School Bus Program.

In addition to this round of financing, the EPA is currently accepting applications for the 2023 Clean School Bus Rebate Program, it said, and that the agency expects to award at least $500 million in funding under this round by April 2024.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

January 11, 2024 10:29 ET (15:29 GMT)

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