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Tuesday 1 December 2020

Lion Electric announces deal for NYSE public listing, says it is “very optimistic” about a Canadian battery factory

Lion Electric’s US$500-million merger with investment SPAC Northern Genesis provides the capital to build two factories and opens the door to major growth for the company

In the race to fleet electrification, Lion Electric Co. has pulled a power move on the competition with the announcement Monday that it will become a publicly traded entity on the New York Stock Exchange after signing a US$500-million merger with special purpose acquisition company (SPAC) Northern Genesis.

Lion Electric, a made-in-Canada success story, is one of the country’s leading electric OEMs for medium and heavy-duty urban vehicles. With a half billion dollars set to be invested in the company’s ambitious expansion plans — in both Canada and the United States — the expectations of Quebec’s flagship electric vehicle OEM are mounting.

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