Lion Electric Retains Pomerleau for the Construction of Its Battery Plant and Innovation Center
The Lion Electric Company (NYSE: LEV) announced its partnership with Pomerleau for the construction of a new battery plant and innovation center in Mirabel, Canada. This facility, expected to begin production in late 2022, will enable Lion to manufacture its own battery modules and packs, significantly reducing costs and supplier dependency. Upon full operation, the plant aims to produce 5 GWh of battery capacity annually, sufficient for approximately 14,000 electric trucks and buses. This strategic move is part of Lion's growth strategy in the electric vehicle market.
- Partnership with Pomerleau enhances construction credibility.
- New facility expected to reduce costs and supplier dependency.
- Annual battery production capacity projected at 5 GWh.
- None.
MONTREAL, Aug. 12, 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 it has retained Pomerleau, a flagship corporation in the Canadian construction industry, as project manager and general contractor for the construction of its battery plant and innovation center, to be located at the YMX International Aerocity of Mirabel.
"Lion is proud to be partnering with Pomerleau as their expertise and reputation in the construction of projects of this scale is second to none," says Marc Bedard, Lion's CEO – Founder. "This plant, where we expect initial production to start in the second half of 2022, will be one of the key elements of our growth strategy, as it will enable us to produce our own battery modules and packs. This will be a key strategic differentiator that will result in significant cost savings, while providing us full control over battery specs and dimensions while removing key supplier dependency."
"We thank Lion Electric for trusting our team to build its state-of-the-art industrial complex. Lion's products contribute to the transportation electrification for the well-being of our communities. We are proud to partner with a company that is a leader in its field, in line with our strategy and values. Together we are shaping the future," commented Pierre Pomerleau, Pomerleau's President and CEO.
Once fully operational, the company expects this highly automated factory to reach annual battery production capacity of 5 gigawatt hours, enough to electrify approximately 14,000 of Lion's medium and heavy-duty zero-emission trucks and buses.
ABOUT POMERLEAU
Pomerleau is one of Canada's leading construction companies and a pioneer in sustainable buildings. It specializes in the building, infrastructure and civil engineering. The company also excels in virtual design and construction (VDC). Founded nearly 60 years ago, the company employs up to 4,000 people at its nine regional offices and on nearly 200 worksites across the country. In 2020, Pomerleau was named one of Canada's Top 100 Employers. For details about Pomerleau, visit www.pomerleau.ca.
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 all the key components of its vehicles, 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.
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 securities laws. Any statements contained in this press release that are not statements of historical fact, including statements about Lion's beliefs and expectations, 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.
The Company made a number of economic, market and operational assumptions in preparing and making certain forward-looking statements contained in this press release including, but not limited to, that Lion will be able to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners, that Lion will continue to operate its business in the normal course, that Lion will be able to implement its growth strategy, that Lion will be able to successfully and timely complete the construction of its U.S. manufacturing facility and its Quebec battery plant and innovation center, that Lion will not suffer any material disruption in the supply of raw materials on competitive terms, that Lion will be able to maintain its competitive position, that Lion will continue to improve its operational, financial and other internal controls and systems to manage its growth and size and that its results of operations and financial condition will not be adversely affected, that Lion will be able to benefit, either directly or indirectly (including through its clients), from government subsidies and economic incentives in the future and that Lion will be able to secure any required additional funding through equity or debt financing on terms acceptable to Lion. Such estimates and assumptions are made by Lion in light of the experience of management and their perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct.
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. Lion believes that these risks and uncertainties include, but are not limited to, the following: any adverse changes in the U.S. and Canadian general economic, business, market, financial, political and legal conditions, including as consequences of the global COVID-19 pandemic and the emergence of COVID-19 variants and varying rates of vaccination amongst various countries; Lion's inability to successfully and economically manufacture and distribute its vehicles at scale and meet its customers' business needs; Lion's reliance on key management and any inability to attract and/or retain key personnel; Lion's inability to execute its growth strategy; Any unfavorable fluctuations and volatility in the price of raw materials included in key components used to manufacture Lion's products; Lion's reliance on key suppliers and any inability to maintain an uninterrupted supply of raw materials; Lion's inability to maintain its competitive position; Lion's inability to reduce its costs of supply over time; any inability to maintain and enhance Lion's reputation and brand; any significant product repair and/or replacement due to product warranty claims or product recalls; any failure of information technology systems or any cybersecurity and data privacy breaches or incidents; the reduction, elimination or discriminatory application of government subsidies and economic incentives or the reduced need for such subsidies; natural disasters, epidemic or pandemic outbreaks, boycotts and geo-political events; the outcome of any legal proceedings that may be instituted against the Company from time to time.
These and other risks and uncertainties related to the businesses of Lion are described in greater detail in the section entitled "Risk Factors" in the Company's final prospectus dated May 5, 2021 (the "Canadian Prospectus") filed with the Autorité des marchés financiers (the "AMF") and the registration statement on Form F-1 (the "Registration Statement") filed with the Securities and Exchange Commission (the "SEC") and declared effective on June 14, 2021 and other documents publicly filed with the AMF and the SEC. Many of these risks are beyond Lion's management's ability to control or predict. All forward-looking statements attributable to Lion or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained, and risk factors identified, in the Canadian Prospectus, the Registration Statement and other documents filed with the AMF 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
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