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Prince Edward Island and Lion Electric Partner to Deploy 35 Electric School Buses in the Province

MONTREAL AND CHARLOTTETOWN, P.E.I – The Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion” or the “Company”), a leading manufacturer of all-electric medium and heavy-duty urban vehicles and the province of Prince Edward Island (P.E.I.), today jointly announced that Lion has received an order for 35 LionC school buses from P.E.I. The vehicles will join the 12 LionC buses already operating in the province, which have been servicing routes in the Charlottetown area since early 2021. Lion will also provide 35 Level 2 charging stations to P.E.I. as it continues to build out its electric vehicle infrastructure.

The purchase was made in part using funds from the governments of Canada and Prince Edward Island, who are contributing over $6.3 million to the clean school bus project through the Green Infrastructure stream (GIS) of the “Investing in Canada” infrastructure plan.

“It is great to see Prince Edward Island continuing the momentum to electrify the school bus fleet within the province. It was just last November that their initial acquisition of 12 buses was announced, and today they are doubling down on their commitment to clean school transportation and the health of their communities. We look forward to continuing to work with the province on sustainable transportation solutions,” said Marc Bedard, CEO – Founder of Lion Electric.

“I am really happy to be working with Lion Electric. They have supplied us with 47 buses over the past two years and their leadership has been pivotal as we work towards achieving our net zero goals. As Islanders, we see the impact of climate change every day and recognize the importance of leading by example. By adding 35 new electric school buses to our existing 12 electric school buses, more students will experience the important steps we are taking as a province to reduce our greenhouse gas emissions as we work to become cleaner and more sustainable for future generations,” said The Honorable Natalie Jameson, Minister of Education and Lifelong Learning and Minister Responsible for the Status of Women.

With a total of 47 all-electric school buses in its fleet, P.E.I. will be one of the largest operators of zero-emission school buses in North America, with Lion as the largest heavy-duty zero-emission Original Equipment Manufacturer (OEM) in the province. Transitioning to electric school buses is a key part of the province’s larger Sustainable Transportation Action Plan, as P.E.I. moves toward an eventual goal of replacing the entirety of its 332-school bus fleet with electric school buses, along with transitioning its transit bus operations to zero-emission. Putting 47 electric school buses on the road will prevent up to 1,000 tonnes of greenhouse gas emissions on the island each year.

Through the “Investing in Canada” infrastructure plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada’s rural and northern communities.

Over the last decade, Lion has established itself as a leader in the zero-emission heavy-duty vehicle industry, having delivered over 390 all-electric heavy-duty vehicles in North America with over 11 million kilometers driven since 2016. All of Lion’s vehicles are purpose-built for electric propulsion from the ground up and are manufactured in its North American facility, which has the capacity to produce up to 2,500 heavy-duty zero-emission vehicles per year.

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://thelionelectric.com/en/products/electric

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