Lion Electric Company (LEV)

[WeTheMarket]

LION AWARDED $38 MILLION AS PART OF THE EPA'S LATEST ROUND OF CLEAN SCHOOL BUS PROGRAM FUNDING
January 10 2024
https://ih.advfn.com/stock-market/NYSE/lion-electric-LEV/stock-news/93011162/lion-awarded-38-million-as-part-of-the-epas-lates

Further grant awards to school districts, financial entities and third-party contractors representing attractive potential for additional opportunities for Lion.

JOLIET, Ill., Jan. 10, 2024 /PRNewswire/ - The Lion Electric Company (NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, was awarded a grant for 97 school buses and related charging infrastructure, representing a total of $38 million, as part of the U.S. EPA's latest round of awards under the Clean School Bus Program.

With this latest round of awards, the EPA has more than doubled the funding amount initially announced in April 2023, thereby allocating nearly $1 billion to 67 applicants. Based on the EPA, these awards are expected to facilitate the purchase of over 2,700 clean school buses in 280 school districts serving over 7 million students across 37 states.

Approximately 70% of all units awarded under this round of the program have been directly granted to school districts, financial entities and third-party contractors, representing attractive potential for additional opportunities for Lion.

"The ongoing investment from the federal government for cleaner school buses will tangibly contribute to the well-being of our children and communities, reduce greenhouse gas emissions (GHG), and increase the number of electric school buses on American roads. Congratulations to the EPA and all the recipients, who will soon experience the many benefits of transitioning to zero-emission school buses," said Nicolas Brunet, President of Lion. "We continue to assist our clients with the funding opportunities that are available, and we are proud to manufacture purpose-built all-electric school buses in Joliet, Illinois, which are currently being deployed across the United States."

In addition to this round of financing, the EPA is currently accepting, until January 31, 2024, applications for the 2023 Clean School Bus Rebate Program. The agency expects to award at least $500 million in funding under this round by April 2024.

Lion provides districts and operators with a dedicated team of grant specialists to assist them in applying for and securing future funding opportunities, including under the Clean School Bus Program. Lion's support also includes financing assistance with LionCapital Solutions, charging infrastructure with LionEnergy, driver/maintenance/safety training from Lion's BrightSquad and proprietary EV telematics with LionBeat.

Additional Information About Lion's Grant Under the Program
Lion's applications submitted in connection with this round of the program were prepared in collaboration with selected school districts. Lion will continue to work closely with the applicable school districts in order to complete the milestones required under the program and execute purchase orders with such school districts. For additional information on the Clean School Bus Program and the awards granted thereunder, please refer to the EPA's website at https://www.epa.gov/cleanschoolbus/clean-school-bus-program-awards.

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 school buses. 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.