ILL., Oct. 26, 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 congratulated the U.S. Environmental
Protection Agency (EPA) on the announcement of the first round
of awards for its highly successful Clean School Bus Program.
"It is fantastic to see these funds being awarded and we are
excited to see the massive interest in clean school buses across
all 50 states. Lion would like to congratulate the EPA along with
the awardees, who will soon benefit from the adoption of
zero-emission school buses," said Marc
Bedard, CEO-Founder of Lion Electric. "Lion saw the
opportunity for all-electric school buses in the market over a
decade ago when we began developing our technology and started the
zero-emission school bus revolution, and today we are seeing the
results in large-scale adoption, for the benefit of the health of
our children, our communities and the environment."
The momentum in all-electric school buses is evidenced by the
EPA grant awards, with 90% of awarded applications going to
electric school buses. This will result in the deployment of
thousands of all-electric buses throughout the U.S. Lion Electric
is the leader in all-electric school buses and has been at the
forefront of the market, putting its first vehicles on the road in
2016, all of which are designed from the ground-up to be electric.
Since, Lion has deployed over 700 all-electric vehicles throughout
North America, which have covered
over 10 million miles in real-world operating conditions.
Thanks to the resounding interest in this year's initial tranche
of $500 million, with around 2,000
applications amounting to nearly $4
billion, for a total of over 12,000 buses, the EPA increased
the amount of funding awards that were announced to $965 million. Furthermore, an additional
$1 billion in funding will be
available for fiscal year 2023.
Lion's dedicated team of grant specialists is well positioned to
help districts and operators apply and secure future funding
opportunities and ensure they meet the proper deadlines for Clean
School Bus Program awardees. Those selected for this initial round
of EPA funding are required to receive new buses, install eligible
charging infrastructure, replace old buses and submit close out
forms by October 2024.
Lion saw huge interest in the program from districts and
operators across the country, and was able to assist customers in
securing Clean School Bus Program funding to deploy "Made in
America" buses to be built at its Joliet,
Illinois manufacturing facility. This facility, which has a
planned annual production capacity of up to 20,000 vehicles once
ramp up is complete, will be the largest dedicated medium and
heavy-duty electric vehicle manufacturing plant in the U.S.
Deploying zero-emission school buses brings healthier commutes to
students while preventing exposure to hazardous particulate
emissions from diesel engines, especially in underserved
communities, which have historically had disproportionately poor
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
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the risk factors included in the Canadian Prospectus Supplement,
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SOURCE Lion Electric