MONTREAL, July 19,
2022 /CNW Telbec/ - The Lion Electric Company
(NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"), a leading
manufacturer of all-electric medium and heavy-duty vehicles, today
announced that its customers in Canada can now receive up to $150,000 in funding under Transport Canada's
newly launched Incentives for Medium and Heavy-duty Zero-Emission
Vehicles ("iMHZEV") Program. Under this new program, the Canadian
Federal Government is providing nearly $550
million in funding for the purchase or lease of medium and
heavy-duty trucks over the next four years.
All models in Lion's current lineup of all-electric trucks are
eligible to receive incentive funds under the iMHZEV Program. This
includes $100,000 for the Lion5,
Lion6, Lion8P straight truck, Lion8 Bucket and Lion8 Refuse ASL,
along with $150,000 in funding for
the Lion8T. These funding amounts apply to all available battery
configurations and can be combined, or "stacked," with other
available provincial, municipal, utility and other available
incentives, such as Quebec's
Écocamionnage program. By stacking both the federal and provincial
incentives in Quebec, a Lion6
heavy-duty truck is elegible for subsidies of up to $243,750.
"As a leading Canadian manufacturer of medium and heavy-duty
electric vehicles, it is both exciting and encouraging to see the
Canadian Government embracing the deployment of zero-emission
heavy-duty trucks and transit buses with the launch of the iMHZEV
Program," said Marc Bedard, CEO –
Founder of Lion Electric. "Through its LionGrants team, Lion has
years of experience successfully assisting our customers to secure
available incentive funding and we are fully ready to immediately
start capturing funding under this new program for our customers.
This will enable us to continue putting zero-emission vehicles on
the road, which we have been doing for years. This will undeniably
lead to improvements to the environment and public health here in
Canada, as we transition to a
cleaner transportation sector."
iMHZEV funds are applied at the point-of-sale for Canadian
organizations and businesses. Through its LionGrants team of
funding experts, Lion can apply for the iMHZEV on behalf of
customers. Additionally, the LionGrants team is currently actively
tracking billions of dollars in available funding across
North America and can assist
customers in applying to a wide variety of provincial, municipal,
utility and other available funding. LionCapital Solutions can
assist customers in securing the remaining financing for the
purchase or leasing of their vehicles.
More information on the iMHZEV Program is available on Transport
Canada's website.
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.
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SOURCE Lion Electric