Umair Gaines
The Lion Electric Company (La Compagnie Électrique Lion) is a Canadian-based manufacturer of commercial vehicles and a leader in electric transportation in North America. The company designs, manufactures, and distributes all-electric vehicles, including trucks and buses for school, paratransit, and mass transit segments. In 2021, Lion Electric became a publicly traded company through a merger with Northern Genesis Acquisition Corp., a special-purpose acquisition company (SPAC). This merger provided Lion Electric with the capital and opportunities to expand its manufacturing capabilities and develop advanced battery systems, solidifying its public company status.
| Characteristics | Values |
|---|---|
| Publicly traded | Yes |
| Date of becoming a public company | May 6, 2021 |
| Headquarters | Saint-Jérôme, Quebec |
| Specialization | Manufacturer of zero-emission vehicles |
| Shareholders | Ian Robertson, Chris Jarratt |
| Stock ticker symbol | TSE:LEV |
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What You'll Learn
Lion Electric went public through a merger with Northern Genesis Acquisition Corp
The Lion Electric Company is a Canadian-based manufacturer of commercial vehicles. It designs, develops, manufactures, and distributes all-electric medium and heavy-duty urban vehicles, including buses and trucks.
On November 30, 2020, Lion Electric announced its intention to merge with Northern Genesis Acquisition Corp., a publicly-traded special purpose acquisition company (SPAC) listed on the New York Stock Exchange (NYSE) under the ticker symbol "NGA". Northern Genesis is a blank-check company focused on sustainability and committed to helping the next great public company succeed by recognizing the growing importance of sustainability principles to customers, employees, and investors.
The combined company was expected to be listed on the NYSE under the new ticker symbol "LEV". The transaction included a $200 million private placement of common shares in Lion (PIPE) and was expected to result in approximately $500 million of net cash proceeds, comprised of $200 million from the PIPE and approximately $320 million of cash held in trust by Northern Genesis. The combined net cash proceeds were intended to fund Lion's growth strategy, including expanding its U.S. manufacturing capacity and developing advanced battery systems and a highly automated battery factory.
On May 6, 2021, Lion Electric and Northern Genesis Acquisition Corp. announced the completion of their business combination, and Lion debuted as a publicly-traded company. The transaction resulted in proceeds of approximately $490 million to Lion, with approximately $90 million used to repay outstanding credit facilities and debt instruments. The remainder of the net proceeds were allocated to finance Lion's growth strategy, including expanding its U.S. manufacturing presence and developing advanced battery systems and a highly automated battery assembly factory in Québec.
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The company's ticker symbol is LEV
The Lion Electric Company (La Compagnie Électrique Lion in French) is a Canadian-based manufacturer of commercial vehicles. It is the biggest electric vehicle manufacturer in its segment, primarily producing yellow school buses, public transit buses, semi-trucks, bucket trucks, and garbage/refuse trucks. The company was founded in 2011 as Lion Bus (Autobus Lion) and is headquartered in Saint-Jérôme, Quebec.
In May 2021, Lion Electric announced that it would be merging with Northern Genesis Acquisition Corp (NYSE: NGA), a special-purpose acquisition company (SPAC), to become a publicly-traded company. The deal, which closed on May 6, 2021, was expected to bring in approximately US$490 million in proceeds for Lion, after transaction expenses. The company stated that the proceeds would be used to finance its growth strategy, including expanding its US manufacturing capacity and developing advanced battery systems.
Lion Electric's shareholders were expected to hold about 70% of the combined company's common equity after the deal closed, assuming no redemptions from Northern Genesis' shareholders. The combined company was to be listed on the New York Stock Exchange under the ticker symbol "LEV".
The company's ticker symbol, LEV, reflects its identity as a publicly-traded company. The ticker symbol is a unique combination of letters assigned to a company's stock that is traded on an exchange. It serves as a quick and easy way to refer to the company's stock and can be used to look up the current price and trading volume of the stock on financial websites or platforms.
The use of the ticker symbol LEV allows investors and stakeholders to easily identify and track the performance of Lion Electric's stock on the exchange. It also provides a convenient way for the company to be recognized and distinguished from other companies in the market, contributing to its public presence and visibility.
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Lion Electric is an innovative manufacturer of zero-emission vehicles
The Lion Electric Company (La Compagnie Électrique Lion in French) is a Canadian-based manufacturer of commercial vehicles. It was founded in 2011 as Lion Bus (Autobus Lion) and is currently headquartered in Saint-Jérôme, Quebec. The company was the first school bus manufacturer founded in North America in the 21st century and is the biggest electric vehicle manufacturer in its segment.
In May 2015, Lion unveiled a CNG-fueled variant of the 360, becoming the first manufacturer to produce a Type C school bus powered by a CNG-fueled engine. The eLion, launched in the same year, is a fully electric vehicle that shares its body and Spartan chassis with the 360. The LionM, originally the eLionM, is a low-floor midibus/minibus produced in a 26-foot length and was launched in 2018.
In March 2019, Lion introduced the Lion8, a Class 8 fully electric truck with a cabover configuration and a range of 250 miles, developed primarily for urban and vocational use. In 2021, Lion announced a new manufacturing facility in Joliet, Illinois, which became the largest all-electric medium and heavy-duty vehicles plant in the U.S. This facility has an annual production capacity of up to 20,000 zero-emission vehicles, including electric buses and trucks, helping Lion Electric meet the increasing demand for "Made in America" zero-emission vehicles.
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The company was founded in 2008/2011
The Lion Electric Company (La Compagnie Électrique Lion in French) was founded in 2008 as Lion Bus (Autobus Lion) by former Corbeil executives Marc Bédard and Camile Chartrand. It was the first school bus manufacturer founded in North America in the 21st century. In 2011, the company was launched as Lion Electric, becoming the biggest electric vehicle manufacturer in its segment.
The company is headquartered in Saint-Jérôme, Quebec, and 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 Electric is a North American leader in electric transportation and designs, builds, and assembles all its vehicles' components, including chassis, battery packs, truck cabins, and bus bodies.
The company's expansion into electric trucks has been successful, with its largest contract yet coming from the Canadian National Railway for a total of 50 battery-electric trucks. They also count international commercial giants such as Amazon among their customer base.
In 2021, Lion Electric announced a new manufacturing facility in Joliet, Illinois, to produce its electric buses and trucks. The company became a public company in 2021 by merging with a special-purpose acquisition company (SPAC), Northern Genesis Acquisition Corp. The merger was expected to create a company with a market value of about $1.9 billion, and Lion Electric was to be listed on the New York Stock Exchange under the symbol "LEV".
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It is headquartered in Saint-Jérôme, Quebec
The Lion Electric Company (La Compagnie Électrique Lion in French) is headquartered in Saint-Jérôme, Quebec. The company was founded in 2011 as Lion Bus (Autobus Lion) and is a Canadian-based manufacturer of commercial vehicles. It is currently the biggest electric vehicle manufacturer in its segment, producing yellow school buses, public transit buses, semi-trucks, bucket trucks, and garbage/refuse trucks.
The company's headquarters in Saint-Jérôme, Quebec, serves as the central hub for its operations and management. It is from here that Lion Electric manages its position as a leader in the North American electric transportation market. The company designs, builds, and assembles all its vehicles' components, including chassis, battery packs, truck cabins, and bus bodies. This vertical integration allows Lion Electric to maintain control over the quality and innovation of its products.
The decision to locate the headquarters in Saint-Jérôme may have been influenced by the city's proximity to Montreal, a major urban centre in Quebec. This location provides access to a talented workforce, as well as proximity to potential customers and partners. Additionally, Quebec has a strong history of supporting electric vehicle initiatives, which may have been a strategic consideration for the company.
The Quebec government has implemented various incentives and programs to promote the adoption of electric vehicles, and Lion Electric has benefited from this supportive environment. The company's presence in Quebec also allows it to tap into the province's highly skilled labour force, particularly in the fields of engineering and clean technology.
Lion Electric's choice to establish its headquarters in Saint-Jérôme, Quebec, reflects its commitment to the region and its alignment with the province's sustainability goals. By being headquartered in Quebec, the company can leverage local expertise and support while contributing to the province's economic and environmental development.
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Frequently asked questions
Yes, Lion Electric is a publicly traded company as of May 2021.
Lion Electric became a public company by merging with a special-purpose acquisition company (SPAC), Northern Genesis Acquisition Corp.
Lion Electric is a Canadian-based manufacturer of commercial vehicles and is currently the biggest electric vehicle manufacturer in its segment. They produce yellow school buses, public transit buses, semi-trucks, bucket trucks, and garbage/refuse trucks.
