Northern Genesis Acquisition Corp. (NYSE: NGA, NGA-WT, NGA-UN) announced that The Lion Electric Company has filed a preliminary registration statement with the SEC for a proposed business combination. This merger will lead to Lion Electric being listed on the NYSE under the new ticker symbol 'LEV.' The boards of both companies have unanimously approved the transaction, expected to close in Q1 2021, pending SEC effectiveness and stockholder approval. Financial and legal advisories include National Bank Financial, BMO Capital Markets, and Roth Capital Partners for Lion, and Barclays Capital for Northern Genesis.
Northern Genesis Acquisition Corp. (NYSE: NGA) reports that its merger partner, The Lion Electric Company, has delivered 10 all-electric LionC school buses to Twin Rivers Unified School District in Sacramento, California. This delivery enhances Twin Rivers' fleet to 40 all-electric buses, making it the largest zero-emission school bus fleet in North America. Funded largely by California Climate Investments and local initiatives, these buses will reduce greenhouse gas emissions by an average of 230 tons per year. Support for charging infrastructure exceeds $4.5 million.
Northern Genesis Acquisition Corp. (NYSE: NGA) announces a significant milestone in its partnership with Lion Electric, as Lion's electric school buses successfully return electricity to the Con Edison grid in White Plains, New York. This deployment marks New York's first successful vehicle-to-grid (V2G) pilot, allowing buses to discharge energy during peak demand. Lion's buses, equipped with V2G technology, can help reduce energy costs while contributing to grid stability. The initiative aligns with global goals for carbon neutrality and showcases Lion's commitment to sustainable transportation.
The Lion Electric Company plans to merge with Northern Genesis Acquisition Corp. (NYSE: NGA) to enhance its market position in all-electric urban vehicles. This transaction will lead to Lion being listed on the NYSE under the ticker symbol 'LEV'. The merger aims to raise approximately $500 million to fund growth initiatives, including a new manufacturing facility and advanced battery development. With over 300 vehicles already operational and 650 truck and bus deliveries expected in 2021, Lion anticipates robust sales growth supported by a backlog of 300 orders.