Twin Rivers Unified School District Receives 10
Additional LionC All-Electric School Buses
Northern Genesis Acquisition Corp. (NYSE: NGA) announces that
its proposed business combination partner, The Lion Electric
Company (Lion), has delivered 10 all-electric LionC school buses to
the Twin Rivers Unified School District (“Twin Rivers”) in
Sacramento, California. With these new buses, Twin Rivers is now
operating the largest zero-emission school bus fleet in North
America, with 40 all-electric school buses in its fleet. Lion is an
innovative manufacturer of purpose-built all-electric medium and
heavy-duty urban vehicles and will join the public capital markets
through its proposed merger with NGA
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“Twin Rivers is the recognized leader in zero-emission school
buses, and the numbers speak for themselves — this delivery
represents a deeply impressive accomplishment for the school
district and zero-emission transportation as a whole, and
demonstrates Twin Rivers’ dedication to the health of the local
community,” said Marc Bedard, CEO and Founder of Lion. “This
milestone delivery serves as an example that electrification of
school transportation is not coming tomorrow, it is here now,
meeting and exceeding the needs of operators.”
The purchase of 10 LionC all-electric buses have been made
possible by California Climate Investments, a statewide initiative
that puts billions of cap-and-trade dollars to work reducing
greenhouse gas emissions, strengthening the economy and improving
public health and the environment — particularly in disadvantaged
communities. The electric buses were funded in large part by the
aforementioned cap-and-trade dollars, with additional funding from
the Sacramento Metropolitan Air Quality Management District, the
Sacramento Municipal Utility District and California’s Carl Moyer
Memorial Air Quality Standards Attainment Program. The all-electric
buses each have a range of 125 miles and will eliminate on average
230 tons of greenhouse gas emissions per year. The Sac Metro Air
District, California Air Resources Board and the Twin Rivers School
District have collaborated on funding 63 zero-emission school buses
in the region to date, with an additional 90 pending delivery in
2021. To support these buses, over $4.5 million has been funded to
support the charging infrastructure.
“The Sac Metro Air District is pleased to partner with Lion and
Twin Rivers School District. Together, we are at the cutting edge
of school bus electrification, bringing zero emission technology to
protect our children, but also showing that electric vehicles are
real, tangible alternatives to toxic diesel combustion engines,”
said Alberto Ayala, Sac Metro Air District’s Air Pollution Control
Officer. “This is no longer a pilot demonstration. With support
from our partners and Twin Rivers School District’s vision, the
Sacramento region can lead the way in the fight for clean air and
the transition to a zero-carbon transportation future today.”
“Thanks to California Climate Investments and other incentives,
as well as manufacturers such as Lion Electric, schoolkids here in
Sacramento – and across California – are riding in the
cleanest-running school buses on the market,” CARB Deputy Executive
Officer Steve Cliff said. “These investments mean cleaner air for
our kids, and for communities that need it most.”
Twin Rivers is a pioneer in zero-emission school buses and it
has been among the first fleets in the United States to put
all-electric buses into service in 2016 when it received its first
buses from Lion. Lion has worked closely with the district to train
staff in vehicle operation and maintenance, both on-site at its
transit yard and at Lion’s nearby Sacramento Experience Center
where the vehicles are also serviced. The district has since
consistently added more electric buses to its fleet and was among
the school districts to receive electric buses from the California
Energy Commission's first School Bus Replacement Program.
“We started down the road of electrification four years ago, and
the reception has been unanimously positive. Everyone from the
drivers and maintenance staff, to the community, and most
importantly students, have welcomed the possibilities of
zero-emission buses and the health benefits that come with their
adoption,” said Twin Rivers Unified School District Director of
Transportation, Timothy Shannon.
All of Lion’s vehicles are purpose-built for electric propulsion
from the ground up, and are manufactured at Lion’s North American
facility, which has a current capacity to produce 2,500 electric
vehicles per year. Over the last decade, Lion has established
itself as a leader in the all-electric school bus industry, having
delivered over 300 all-electric school buses in North America with
over 6 million miles driven since 2016. Lion’s vehicles are
distributed and serviced through the company’s network of
Experience Centers, including two locations in California along
with facilities in New York, Washington, Florida and Arizona.
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 its vehicle
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.
About Northern Genesis Acquisition Corp.
Northern Genesis Acquisition Corp. (NYSE: NGA) is a special
purpose acquisition company formed for the purpose of effecting a
merger, stock exchange, acquisition, reorganization or similar
business combination with one or more businesses. The Northern
Genesis management team brings a unique entrepreneurial
owner-operator mindset and a proven history of creating shareholder
value across the sustainable power and energy value chain. Northern
Genesis is committed to helping the next great public company find
its path to success; a path which will most certainly recognize the
growing sensitivity of customers, employees and investors to
alignment with the principles underlying sustainability.
Transaction with Northern Genesis Acquisition Corp.
On November 30, 2020, Lion announced that it had entered into a
business combination agreement and plan of reorganization pursuant
to which, subject to the satisfaction of customary closing
conditions, a wholly-owned subsidiary of Lion will merge with
Northern Genesis Acquisition Corp. (NYSE: NGA), a publicly traded
special purpose acquisition company focused on a commitment to
sustainability and strong alignment with environmental, social and
governance principles. Upon completion of the transaction, holders
of NGA shares will receive Lion shares on a one-for-one basis and
Lion is expected to be listed on the New York Stock Exchange (NYSE)
under the new ticker symbol “LEV”.
Important Information and Where to Find It
In connection with the proposed business combination, Lion
Electric intends to file a registration statement on Form F-4 (the
“Registration Statement”) with the
SEC, which will include a proxy statement of Northern Genesis in
connection with Northern Genesis’ solicitation of proxies for the
vote by its stockholders with respect to the transaction and other
matters as described in the Registration Statement, as well as the
prospectus relating to the registration of the securities to be
issued by Lion Electric to Northern Genesis’ stockholders in
connection with the transaction. After the Registration Statement
has been filed and declared effective, Northern Genesis will mail a
definitive proxy statement, when available, to its stockholders.
Investors and security holders of Northern Genesis and other
interested parties are urged to read, when available, the
Registration Statement, any amendments thereto and other any other
documents filed with the SEC, including the preliminary proxy
statement/prospectus and amendments thereto and the definitive
proxy statement/prospectus (the “Joint Proxy
Statement/Prospectus”), because they will contain important
information about Lion Electric, Northern Genesis and the proposed
business combination. Investors and security holders of Northern
Genesis may obtain free copies of the Joint Proxy
Statement/Prospectus (when available) and other documents filed
with the SEC by Northern Genesis and Lion Electric through the
website maintained by the SEC at http://www.sec.gov or by directing
a request to: Northern Genesis Acquisition Corp., 4801 Main Street,
Suite 1000, Kansas City, MO 64112 or (816) 983-8000. The
information contained on, or that may be accessed through, the
websites referenced in this press release is not incorporated by
reference into, and is not a part of, this press release.
Participants in the Solicitation
Northern Genesis and its directors and executive officers and
other persons may be deemed to be participants in the solicitations
of proxies from Northern Genesis’ stockholders in respect of the
proposed business combination. Lion Electric and its officers and
directors may also be deemed participants in such solicitation.
Information regarding Northern Genesis’ directors and executive
officers is available under the heading “Management” in its final
prospectus dated August 17, 2020 filed with the SEC on August 18,
2020 (the “Company IPO Prospectus”).
Additional information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, which may, in some
cases, be different than those of their stockholders generally,
will be contained in the Joint Proxy Statement/Prospectus and other
relevant materials to be filed with the SEC in connection with the
proposed business combination when they become available.
Stockholders, potential investors and other interested persons
should read the Joint Proxy Statement/Prospectus carefully when it
becomes available before making any voting or investment decisions.
When available, these documents can be obtained free of charge from
the sources indicated above.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities or constitute a
solicitation of any vote or approval. No offer of securities, other
than with respect to the PIPE, shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act.
Forward-Looking Statements
All statements other than statements of historical facts
contained in this press release constitute “forward-looking
statements” (which shall include forward-looking information within
the meaning of Canadian securities laws) within the meaning of
Section 27A of the Securities Act. Forward-looking statements may
generally 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 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. These forward-looking
statements include, but are not limited to, statements regarding
the transaction, including with respect to timing and closing
thereof, the ability to consummate the transaction, the benefits of
the transaction, the ability to satisfy the Cash Condition, the
completion of the PIPE, estimates and forecasts of financial and
other performance metrics, visibility on potential orders and
business relationships, sufficiency and use of funds following
completion of the proposed transaction, as well as the combined
company’s strategy, future operations, estimated financial
position, estimated revenues and losses, projected costs,
prospects, plans and objectives of management. These statements are
based on various assumptions, whether or not identified in this
press release, and on the current expectations of Lion Electric’s
and Northern Genesis’ management and are not predictions of actual
performance. These forward-looking statements are provided for the
purpose of assisting readers in understanding certain key elements
of the Lion Electric’s current objectives, goals, targets,
strategic priorities, expectations and plans, and in obtaining a
better understanding of the Lion Electric’s business and
anticipated operating environment. Readers are cautioned that such
information may not be appropriate for other purposes and is not
intended to serve as, and must not be relied on by any investor as
a guarantee, an assurance, a prediction or a definitive statement
of fact or probability.
Forward-looking statements involve inherent risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the control of Lion Electric and Northern Genesis,
and are based on a number of assumptions, as well as other factors
that Lion Electric and Northern Genesis believe are appropriate and
reasonable in the circumstances, but there can be no assurance that
such estimates and assumptions will prove to be correct or that the
Lion Electric’s vision, business, objectives, plans and strategies
will be achieved. Many risks and uncertainties could cause Lion
Electric’s actual results, performance or achievements or future
events or developments to differ materially from those expressed or
implied by the forward-looking statements, including any adverse
changes in the U.S. and Canadian general economic, business,
market, financial, political and legal conditions; Lion Electric’s
inability to successfully and economically manufacture and
distribute its vehicles at scale and meet its customers’ business
needs; Lion Electric’s inability to execute its growth strategy;
Lion Electric’s inability to maintain its competitive position;
Lion Electric’s inability to reduce its costs of supply overtime;
any inability to maintain and enhance Lion Electric’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; natural disasters, epidemic or
pandemic outbreaks, boycotts and geo-political events; the risk
that a condition to closing of the transaction (including the
obtention of Northern Genesis’ stockholders approval) may not be
satisfied; the failure to realize the anticipated benefits of the
proposed transaction; the amount of redemption requests made by
Northern Genesis’ public stockholders; the risk that the proposed
transaction disrupts Lion Electric’s or Northern Genesis’ current
plans and operations as a result of the announcement of the
transaction; the outcome of any legal proceedings that may be
instituted against Lion Electric or Northern Genesis following
announcement of the transaction; the inability of the parties to
successfully or timely consummate the proposed transaction; and
those factors discussed in Northern Genesis’ IPO Prospectus, and
any subsequently filed Quarterly Report on Form 10-Q, in each case,
under the heading “Risk Factors,” and other documents of Northern
Genesis filed, or to be filed, with the SEC, as well as any
documents to be filed by Lion Electric in accordance with
applicable securities laws. These factors are not intended to
represent a complete list of the factors that could affect Lion
Electric, and there may be additional risks that neither Northern
Genesis nor Lion Electric presently know or that Northern Genesis
and Lion Electric currently believe are immaterial that could also
cause actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Northern Genesis’ and Lion Electric’s expectations, plans
or forecasts of future events and views as of the date of this
press release. The Company and Lion Electric anticipate that
subsequent events and developments will cause Northern Genesis’ and
Lion Electric’s assessments to change. However, while Northern
Genesis and Lion Electric may elect to update these forward-looking
statements at some point in the future, Northern Genesis and Lion
Electric have no intention and undertake no obligation to do so
except as required by applicable law. These forward-looking
statements should not be relied upon as representing Northern
Genesis’ and Lion Electric’s assessments as of any date subsequent
to the date of this press release.
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Lion Contacts: Patrick
Gervais Lion Electric Vice President of Marketing and
Communications Patrick.Gervais@thelionelectric.com 514-992-1060
LionElectricIR@icrinc.com LionElectricPR@icrinc.com Northern Genesis Contact: Avi Das Investor
Relations Investors@northerngenesis.com 816-514-0324
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