Lion Electric Receives Conditional Purchase Order From Student Transportation of Canada For 1,000 Electric School Buses
The Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion” or the “Company”), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, today announced that it has received a conditional purchase order for 1,000 all-electric LionC school buses from Student Transportation of Canada (“STC”), a subsidiary of Student Transportation of America (“STA”), a north-American leader in student transportation, safety and fleet management services, whose controlling shareholder is Caisse de dépôt et placement du Québec (CDPQ).
The purchase order is conditional upon the satisfactory grant of non-repayable contributions to STC under Infrastructure Canada’s Zero-Emission Transit Fund (“ZETF”), for which STC has filed a formal application. Under the ZETF program, the Government of Canada aims to invest $2.75 billion over five years to support public transit and school bus operators in the transition to electrification.
“We are pleased to support electric school bus deployment in Canada. The ZETF enables school bus electrification to move closer to reality, with students as the true beneficiaries. There is still much more work to be done, but STC recognizes that as global stewards we must act to operate sustainably. Electrification is a huge step toward improving the environment for our students and the communities we serve. We look forward to working with Lion, government leaders, our majority shareholder CDPQ and our customers. Together, we hope to move toward a sustainable future.”
If confirmed, this purchase order would allow STC to become the largest operator of zero-emission school buses in North America. This investment would also contribute to CDPQ’s portfolio decarbonation objectives. Deliveries would begin in 2022 and occur through the first half of 2026. These electric buses would replace existing diesel vehicles within STC’s Canadian fleet. The operator plans on working closely with its customers and partners to determine which school boards would adopt the electric buses if fulfilled.
“We applaud STC for its leadership and vision to accelerate the deployment of allelectric school buses in Canada, and we thank them for trusting Lion with such an important transition. This large-scale deployment would position Canada as a clear leader in the electrification of school transportation, in great part due to innovative programs like the ZETF. We are proud to be working together with STC, the Caisse de dépôt and the Canadian Federal Government to provide a cleaner future for our children.”
Lion estimates that the deployment of 1,000 all-electric school buses would help eliminate approximately 23,000 tons of greenhouse gas emissions per year, in addition to significantly reducing noise pollution for the communities in which they operate.
“As the controlling shareholder of Student Transportation, we are delighted to support the company in its green shift, with the deployment of a fleet that would make it the largest operator of zero-emission school busses in North America. Driving the next generation to their place of learning in electric transport is a good illustration of our vision for a more sustainable future. This ambitious program, carried out thanks to Lion, the Quebec leader in electric transport, will directly contribute to our commitment to reduce the carbon intensity of our portfolio by 60% by 2030.”
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