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Lion Electric Announces North American Agreement with Mitsubishi HC Capital Canada and ENGS Commercial Finance Co. to Provide Financing for All-electric Buses and Medium- and Heavy-Duty Trucks Through LionCapital Solutions

MONTREAL, Canada – 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 the Company has entered into an agreement with Mitsubishi HC Capital Canada, a subsidiary of Mitsubishi HC Capital America, and its related company, ENGS Commercial Finance Co, to provide financing solutions to Lion school bus and truck customers in the United States and Canada through LionCapital Solutions’ vehicle financing program.

“I am very pleased to announce this partnership with Mitsubishi HC Capital Canada and ENGS Commercial Finance Co., and to have financial partners who share Lion’s sustainable transportation vision and values. This agreement will allow LionCapital Solutions to leverage Mitsubishi’s vehicle financing expertise and capital to provide Lion customers with financing solutions specifically designed for Lion school buses and trucks, thereby making it easier and simpler for our clients to secure the financing required for the purchase of their Lion vehicles.” said William Blanchard, Head of LionCapital Solutions.

“As an established market leader in the transportation sector, we are proud to work alongside and support Lion as advancements continue to be made in the ever-important electric transportation segment,” said Craig Weinewuth, CEO & President ENGS Commercial Finance Co. “Joining together to offer Lion customers innovative financing options further demonstrates our pledge to supporting electrification and this next phase of mobility solutions.”

François Nantel, President of Mitsubishi HC Capital Canada added: “As the world searches for more sustainable solutions, the necessity of electric transportation is more obvious than ever. As an organization that provides financing solutions focused on the United Nations Sustainable Development Goals (SDGs), we firmly believe that electric transportation not only positively impacts our environment, but can ultimately improve our quality of life. That makes our partnership with Lion perfectly attuned.”

LionCapital Solutions’ turnkey financing solutions can provide for up to 100% of fleet electrification costs, including the initial cost of the vehicle, charging infrastructure and installation, and thus can potentially completely eliminate upfront capital requirements for fleets to transition to electric vehicles.

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.

For more information, visit: https://pages.thelionelectric.com/lion-capital-solutions/; or contact LionCapital Solutions directly at: lioncapitalsolutions@thelionelectric.com

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