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Lion Electric has successfully completed its business combination with Northern Genesis Acquisition Corp (NGA), with stockholder approval received on April 23, 2021. Starting May 7, 2021, Lion's common shares will trade under the symbol 'LEV' on the NYSE and TSX. The transaction generated approximately $490 million for Lion, with $90 million allocated to repaying debts. The funds will support Lion's expansion in the U.S., development of advanced battery systems, and establishment of a new automated battery assembly factory in Québec, enhancing its position in the electric vehicle market.
Northern Genesis Acquisition Corp. (NGA) announced stockholder approval for its business combination with The Lion Electric Company. This deal will allow Lion's shares to trade under the symbol 'LEV' on NYSE and 'LEV.WT.' for its warrants. NGA plans to file an amendment to its Form 10-K reflecting changes in the classification of its warrants due to new SEC guidance. The closing of this combination is contingent on meeting specific regulatory and procedural requirements.
Northern Genesis Acquisition Corp. (NYSE: NGA) has announced a purchase order for 15 Lion6 all-electric trucks from Second Closet for IKEA Canada’s home delivery service. This partnership aims to integrate zero-emission vehicles into IKEA's fleet, contributing to its goal of achieving 20% of zero-emission deliveries by 2030. Lion Electric has established itself as a leader in the all-electric vehicle industry, with a capacity of producing approximately 2,500 electric trucks annually. The deployment signifies a significant step toward decarbonizing logistics in Canada.
Lion Electric has announced a significant purchase order from Pride Group Enterprises for 100 all-electric Lion6 and Lion8 trucks, marking Lion's largest single order of zero-emission trucks to date. The trucks will be integrated into Pride's logistics and fleet management operations in the U.S. and Canada. Deliveries are expected in 2021 and 2022. Lion's CEO emphasized the order as a pivotal step in heavy-duty electric vehicle adoption, while Pride's CEO highlighted the sustainability benefits. Lion produces around 2,500 electric trucks annually and has delivered over 300 since 2016.
Northern Genesis Acquisition Corp. (NYSE: NGA) announced that the U.S. SEC has declared effective Lion Electric's registration statement relating to their pending business combination. A virtual Special Meeting for stockholders will be held on April 23, 2021, to approve this merger. Stockholders as of the record date of March 18, 2021, can vote at this meeting. If approved, the merger is expected to close shortly thereafter, advancing Northern Genesis's goal of supporting sustainable power and energy initiatives through this partnership with Lion Electric, a leader in zero-emission vehicle manufacturing.
Northern Genesis Acquisition Corp. (NYSE: NGA) has announced that the SEC has declared effective the registration statement on Form F-4 for its business combination with Lion Electric, a manufacturer of zero-emission vehicles. A virtual Special Meeting for stockholders is set for April 23, 2021, to approve the merger. Following approval, the business combination is expected to finalize shortly after, subject to the satisfaction of closing conditions. Investors are encouraged to review the Joint Proxy Statement/Prospectus for vital information regarding the transaction.
Northern Genesis Acquisition Corp. (NYSE: NGA) has announced a significant partnership with The Lion Electric Company, which will develop a battery manufacturing plant and innovation center in Quebec. This $185 million CAD project, supported by $100 million CAD from the government, aims to enhance Lion's vehicle manufacturing by reducing battery production costs. The facility is expected to produce 5 gigawatt-hours of battery storage annually, equipping 14,000 medium and heavy-duty vehicles. The initiative will create 135 direct jobs and support hundreds more indirectly, marking a crucial step in the electrification of transportation.
Northern Genesis Acquisition Corp. (NYSE:NGA) has partnered with Lion Electric to deliver 10 all-electric school buses to the Los Angeles Unified School District (LAUSD). This order strengthens Lion's position as a leader in zero-emission school buses in North America. The LionC buses will provide a range of 155 miles per charge and come with integrated wheelchair lifts. Funded partly by the California Energy Commission's School Bus Replacement Program, Lion was recognized for its competitive bid and technical specifications. The delivery is expected in spring 2021.
Northern Genesis Acquisition Corp. (NYSE: NGA) announced a reseller agreement with Lion Electric, a leading manufacturer of all-electric vehicles. This collaboration with FLO, a major North American charging network operator, will enhance Lion's offerings by providing clients access to AddEnergie charging stations and smart charging software. The partnership aligns with Lion's mission to facilitate the electric vehicle transition and aims to reduce ownership costs through efficient energy management. The proposed business combination with Northern Genesis is anticipated to finalize in early 2021.
Northern Genesis Acquisition Corp. (NYSE: NGA) announced a significant partnership with Lion Electric, set to acquire 60 all-electric LionC school buses through Autobus Groupe Séguin over five years. This deal marks the largest electric school bus order in North America. Initial deliveries of 10 buses are planned for the 2021-2022 school year, with the remaining buses delivered by 2026. This initiative aims to electrify Autobus Séguin's fleet, eliminating 1,380 tons of greenhouse gases annually, contributing to a sustainable future in school transportation.
