Lightning eMotors announced the launch of its new Generation 4 Lightning Electric Transit Van, enhancing its Class 3 electric vehicle offerings. The new model boasts up to 40% more range, achieving up to 250 miles with fuel cell configurations. It features a longer battery capacity of up to 105 kWh, a digital dashboard, and support for wheelchair lifts. Lightning eMotors aims to ramp up production to 1,000 EVs per year in 2021, with a target of 20,000 by 2025. They recently formed a business combination with GigCapital3 (GIK), aspiring for a NYSE listing under the symbol 'ZEV'.
Lightning eMotors and GigCapital3 have announced a definitive agreement for a business combination, making Lightning eMotors a publicly listed company under the ticker symbol ZEV. The deal values Lightning eMotors at approximately $823 million. With a contracted backlog of around 1,500 vehicles, the company aims to expand production capacity from 1,000 to over 20,000 vehicles by 2025. This partnership positions Lightning eMotors to capitalize on the $67 billion addressable market for Class 3-7 vehicles, addressing increasing demand for zero-emission solutions.