MONTREAL, Canada – 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.
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.
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.
“We applaud STC for its leadership and vision to accelerate the deployment of all-electric school buses in Canada, and we thank them for trusting Lion with such an important transition” said Marc Bedard, CEO – Founder of Lion Electric. “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,” he concluded.
“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,” said Chris Harwood, President of Student Transportation of Canada. “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.”
“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,” said Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ.
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 all the key components of its vehicles, 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.
About Student Transportation of America:
Founded in 1997, Student Transportation of America (STA) is an industry leader in school transportation, safety and fleet services. STA operates more than 16,000 vehicles, providing customers with the highest level of safe and reliable student transportation, management, logistics and technology solutions throughout the U.S. and Canada. Services are delivered by drivers, dispatchers, maintenance technicians, managers, information technology professionals and others, who are caring members of their local communities. For more information, please visit www.rideSTA.com.
At Caisse de dépôt et placement du Québec (CDPQ), we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public retirement and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2021 CDPQ’s net assets total CAD 390 billion. For more information, visit cdpq.com.