Lightning eMotors Announces Eligibility for IRS Commercial Clean Vehicle Credit of up to $40,000 per Vehicle

Rhea-AI Summary

Lightning eMotors announces up to $40,000 credit for select vehicles

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• Commercial vehicle customers can receive up to $40,000 credit towards Lightning vehicle purchase

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• None.

• Select Lightning eMotors vehicles are eligible for an IRS vehicle credit of up to $40,000 per vehicle
• Commercial Clean Vehicle Credit is stackable with other federal and state incentive programs applicable to Lightning’s vehicles

LOVELAND, Colo.--(BUSINESS WIRE)-- Lightning eMotors (OTC:ZEVY), a leading provider of zero-emission, medium-duty commercial vehicles and electric vehicle (EV) technology for fleets, today announced that its commercial vehicle customers can now receive an up to $40,000 credit toward the purchase of select Lightning vehicles. The Commercial Clean Vehicle Credit became available to Lightning customers as a result of the company’s acceptance as a qualified manufacturer into the IRS Commercial Clean Vehicle Credit program, as defined in §30D(d)(3) of the Internal Revenue Code. The list of eligible manufacturers can be viewed here.

Electric medium duty vehicles, such as these Lightning eMotors class 4 school buses, are eligible for multiple federal and state grants and incentives (Photo: Lightning eMotors)

“Intelligent and targeted grant programs are a key component to accelerating electric vehicle adoption, and we are fortunate to have so many compelling programs available in the United States and Canada,” said Lightning eMotors CEO and co-founder Tim Reeser. “The Commercial Clean Vehicle Credit program joins our robust stack of incentive programs, providing yet another reason for commercial passenger, cargo and vocational fleets to electrify with Lightning.”

The IRS Commercial Clean Vehicle Credit joins several other federal and state incentive programs that Lightning vehicles are eligible for, many of which stack, in some cases, to reduce the cost of an electric vehicle to nearly free. These programs include, but are not limited to:

• The Federal Transit Administration (FTA) Low- and No-Emissions Vehicle Program for transit agencies
• The Environmental Protection Agency (EPA) Clean School Bus Program
• Federal Aviation Administration (FAA) Airport Zero Emissions Vehicle and Infrastructure Pilot Program
• California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP)
• The Colorado Clean Electric School Bus Program
• The Colorado Clean Fleet Vehicle & Technology Grant Program
• The New Jersey Zero-Emission Incentive Program (NJZIP)
• The New York City Clean Trucks Program
• The New York Truck Voucher Incentive Program (NYTVIP)

“The ability to stack the various grant, rebate and credit programs is designed to support accelerated electric vehicle adoption and help the market reach critical mass faster to the benefit of both the national transportation ecosystem and our environmental well-being,” said Nick Bettis, vice president, marketing and sales operations for Lightning eMotors. “For example, a Type A school bus may be obtained by a school district or operator at essentially no cost and be operated with significantly lower costs as well. That’s a huge win for the district, the students and the environment.”

“To provide the best value to our customers, our sales team has been helping them optimize their EV fleet purchases with the various funding programs for several years, and they are eager to utilize the addition of this IRS clean vehicle credit to maximize our customers’ savings,” added Bettis.

To learn how grant funding, rebate, and tax credit incentive programs can help electrify your fleet with Lightning eMotors, please visit Lightning’s Grants and Incentives page.

About Lightning eMotors

Lightning eMotors (OTC:ZEVY) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018. In that time, we have deployed a variety of vehicle classes and applications including but not limited to cargo and passenger vans, ambulances, transit and shuttle buses, school buses, specialty work trucks, and electric powertrains for school buses, transit buses and motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.

Forward-Looking Statements

Except for historical information herein, matters set forth in this press release are forward-looking within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements about the commercial and technology progress and future financial performance of Lightning eMotors, Inc. These forward-looking statements are identified by the use of words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “expand,” “enable,” “might,” “potential,” “should,” “would” among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the company’s business that could cause actual results or outcomes to vary, including, but not limited to, risks related to Lightning eMotors’ operations and business and financial performance; the ability of Lightning eMotors to execute on its business strategy and grow demand for its products and revenue; potential increases in costs or shortage of raw materials; market acceptance of new product offerings; and other risks more fully described in Lightning eMotors’ filings with the Securities and Exchange Commission from time to time. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Lightning eMotors undertakes no obligation to update any forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231005870116/en/

Lightning eMotors’ News Media Contact:

Nick Bettis

(800) 223-0740

pressrelations@lightningemotors.com

Lightning eMotors’ Investor Relations:

Brian Smith

(800) 223-0740

investorrelations@lightningemotors.com

Source: Lightning eMotors

FAQ

What is the credit amount for Lightning vehicles?

Up to $40,000 per vehicle.

What is the Commercial Clean Vehicle Credit program?

It is a program that provides incentives for commercial clean vehicles.

What other incentive programs are Lightning vehicles eligible for?

Federal and state programs such as the FTA Low- and No-Emissions Vehicle Program, EPA Clean School Bus Program, and more.

Where can I learn more about grant funding and incentives for Lightning vehicles?

Visit Lightning's Grants and Incentives page on their website.