Electric Last Mile Solutions Locks in Urban Delivery Battery Supply Through 2025, Plans Localization
14 October 2021 - 10:00PM
Electric Last Mile Solutions, Inc. (NASDAQ: ELMS; ELMSW) (“ELMS” or
“the Company”), a pure-play commercial electric vehicle (“EV”)
company focused on redefining productivity and sustainability for
the last mile, today announced major progress in its vehicle
battery strategy with an eye towards potential U.S. localization of
its electric vehicle batteries.
ELMS reached an agreement with Contemporary
Amperex Technology Co., Limited (“CATL”), the global leader of new
energy innovative technologies, to supply batteries and secure
production capacity needed for its all-electric Class 1 Urban
Delivery commercial vehicle. The agreement secures battery supply
through 2025.
CATL will provide a 42-kWh lithium-ion battery
in the lithium-iron phosphate (LFP) chemistry system, which has
demonstrated high safety and reliability, as well as long cycle
life. By leveraging CATL’s cell-to-pack (CTP) technology, the
battery pack’s design improves system energy density, simplifies
manufacturing and results in cost savings. Additionally, both sides
are collaborating on future battery localization in the U.S.
“We reached an important milestone to secure
battery capacity in an extremely challenging supply environment,”
said Rob Song, Deputy Chief Financial Officer and Treasurer, ELMS.
“This step allows ELMS to guarantee continued utilization of
trusted, reliable vehicle components in our products.”
About Electric Last Mile Solutions,
Inc.Electric Last Mile Solutions, Inc. (Nasdaq: ELMS) is
focused on defining a new era in which commercial vehicles run
clean as connected and customized solutions that make our
customers’ businesses more efficient and profitable. ELMS’ first
vehicle, the Urban Delivery, is the first Class 1 commercial
electric vehicle in the U.S. market. The Company expects to begin
production of its second vehicle, the Class 3 Urban Utility EV, in
the second half of 2022. ELMS is headquartered in Troy, Michigan.
For more information, please visit www.electriclastmile.com.
About Contemporary Amperex Technology
Co., LimitedContemporary Amperex Technology Co., Limited
(CATL) is a global leader in new energy technology innovation,
committed to providing premier solutions and services for new
energy applications worldwide. In June 2018, the company went
public on the Shenzhen Stock Exchange with stock code 300750.
According to SNE Research, in the year 2020, CATL's EV battery
consumption volume ranked No.1 in the world for four consecutive
years. CATL also enjoys wide recognition by global OEM partners. To
achieve the goal of realizing fossil fuel replacement in stationary
and mobile energy systems with highly efficient electrical power
systems that are generated through advanced batteries and renewable
energy, and promote the integrated innovation of market
applications with electrification and intelligentization, CATL
maintains continuous innovation in four dimensions including
battery chemistry system, structure system, manufacturing system
and business models. For more information, please
visit http://www.catl.com.
Forward-Looking StatementsThis
press release includes “forward-looking statements” within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. The Company’s actual results may
differ from its expectations, estimates and projections and
consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” and similar expressions are
intended to identify such forward-looking statements. These
forward-looking statements include, without limitation, the
Company’s expectations with respect to future performance of the
business, the size, demands and growth potential of the markets for
the Company’s products and the Company’s ability to serve those
markets, the Company’s ability to develop innovative products and
compete with other companies engaged in the commercial delivery
vehicle industry and/or the electric vehicle industry, the
Company’s ability to attract and retain customers, the estimated go
to market timing and cost for the Company’s products, and the
implied valuation of the Company. These forward-looking statements
involve significant risks and uncertainties that could cause the
actual results to differ materially from the expected results. Most
of these factors are outside the Company’s control and are
difficult to predict. Factors that may cause such differences
include, but are not limited to: (1) the inability to recognize the
anticipated benefits of the business combination, which may be
affected by, among other things, competition and the ability of the
Company to grow and manage growth profitably and retain its key
employees; (2) changes in applicable laws or regulations; (3) the
possibility that the Company may be adversely affected by other
economic, business, and/or competitive factors; (4) the impact of
COVID-19 on the Company’s business; (5) any delays the Company may
experience in realizing its projected timelines and cost and volume
targets for the production, launch and ramp up of production of the
Company’s vehicles and the modification of its manufacturing
facility; (6) the ability of the Company to obtain customers,
obtain product orders, and convert its non-binding pre-orders into
binding orders or sales; (7) the Company’s ability to implement its
business plans and strategies; and (8) other risks and
uncertainties described in the “Risk Factors” section of the
Company’s Quarterly Report on Form 10-Q for the quarter ended June
30, 2021 and in the Company’s future filings with the Securities
and Exchange Commission. Some of these risks and uncertainties may
in the future be amplified by the COVID-19 outbreak and there may
be additional risks that the Company considers immaterial or which
are unknown. The Company cautions that the foregoing list of
factors is not exclusive. The Company cautions readers not to place
undue reliance upon any forward-looking statements, which speak
only as of the date made. The Company does not undertake or accept
any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change
in its expectations or any change in events, conditions or
circumstances on which any such statement is based.
ContactsMedia:
elms-svc@sardverb.com Investor Relations:
IR@electriclastmile.com
Electric Last Mile Solut... (NASDAQ:ELMSW)
Historical Stock Chart
From May 2024 to Jun 2024
Electric Last Mile Solut... (NASDAQ:ELMSW)
Historical Stock Chart
From Jun 2023 to Jun 2024