MONTREAL, July 19, 2022 /CNW Telbec/ - The Lion Electric Company (NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"), a leading manufacturer of all-electric medium and heavy-duty vehicles, today announced that its customers in Canada can now receive up to $150,000 in funding under Transport Canada's newly launched Incentives for Medium and Heavy-duty Zero-Emission Vehicles ("iMHZEV") Program. Under this new program, the Canadian Federal Government is providing nearly $550 million in funding for the purchase or lease of medium and heavy-duty trucks over the next four years.
All models in Lion's current lineup of all-electric trucks are eligible to receive incentive funds under the iMHZEV Program. This includes $100,000 for the Lion5, Lion6, Lion8P straight truck, Lion8 Bucket and Lion8 Refuse ASL, along with $150,000 in funding for the Lion8T. These funding amounts apply to all available battery configurations and can be combined, or "stacked," with other available provincial, municipal, utility and other available incentives, such as Quebec's Écocamionnage program. By stacking both the federal and provincial incentives in Quebec, a Lion6 heavy-duty truck is elegible for subsidies of up to $243,750.
"As a leading Canadian manufacturer of medium and heavy-duty electric vehicles, it is both exciting and encouraging to see the Canadian Government embracing the deployment of zero-emission heavy-duty trucks and transit buses with the launch of the iMHZEV Program," said Marc Bedard, CEO – Founder of Lion Electric. "Through its LionGrants team, Lion has years of experience successfully assisting our customers to secure available incentive funding and we are fully ready to immediately start capturing funding under this new program for our customers. This will enable us to continue putting zero-emission vehicles on the road, which we have been doing for years. This will undeniably lead to improvements to the environment and public health here in Canada, as we transition to a cleaner transportation sector."
iMHZEV funds are applied at the point-of-sale for Canadian organizations and businesses. Through its LionGrants team of funding experts, Lion can apply for the iMHZEV on behalf of customers. Additionally, the LionGrants team is currently actively tracking billions of dollars in available funding across North America and can assist customers in applying to a wide variety of provincial, municipal, utility and other available funding. LionCapital Solutions can assist customers in securing the remaining financing for the purchase or leasing of their vehicles.
More information on the iMHZEV Program is available on Transport Canada's website.
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 many of its vehicles' 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. Lion shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV.
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This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities laws, including the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not statements of historical fact, including statements about Lion's beliefs and expectations relating to the offer and sale of Common Shares under the ATM Program, are forward-looking statements and should be evaluated as such.
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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. Such risks and uncertainties are described in greater detail in the Canadian Prospectus Supplement, the US Prospectus Supplement and section 23.0 entitled "Risk Factors" of the Company's annual MD&A for the fiscal year 2021. Many of these risks are beyond Lion's management's ability to control or predict. All forward-looking statements included in this press release are expressly qualified in their entirety by the cautionary statements contained herein and the risk factors included in the Canadian Prospectus Supplement, the US Prospectus Supplement, the Company's annual MD&A for the fiscal year 2021 and in other documents filed with the applicable Canadian regulatory securities authorities 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
