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Lightning eMotors, Inc. (NYSE: ZEV) announced the retirement of CFO Teresa Covington, effective October 2, 2022, though she will assist until March 31, 2023. CEO Tim Reeser praised her contributions to building a robust finance organization. David Agatston will assume the CFO role starting October 3, 2022, bringing over 25 years of financial experience. This leadership change aims to accelerate growth and shareholder value while continuing the company's commitment to zero-emission commercial vehicles.
Lightning eMotors (NYSE: ZEV) has partnered with GoBolt to deploy 170 zero-emission cargo vans and box trucks in the U.S. and Canada over the next year. The initial deployment includes 70 Class 3 cargo vans and 100 Class 5 box trucks, with Class 3 vans already on the road. The partnership aims to support GoBolt's sustainability goals, as it expands its operations. Lightning will also provide necessary charging infrastructure, showcasing its ability to deliver comprehensive fleet electrification solutions. Both companies emphasize their commitment to sustainable logistics and carbon neutrality.
Lightning eMotors (NYSE: ZEV) has entered into a purchase agreement with Lincoln Park Capital Fund for up to $50 million. The agreement allows ZEV to sell common stock to Lincoln Park over a 36-month period at market prices, without any attached warrants or covenants. CEO Tim Reeser stated this provides financial flexibility for growth. Details will be filed with the SEC in a Form 8-K on August 30, 2022. This press release is not an offer to sell securities.
Lightning eMotors reported a production increase to 74 vehicles and powertrains in Q2 2022, up from 40 units in the same period last year. Quarterly revenue was $3.5 million, a decline from $5.9 million in Q2 2021. The company achieved a net income of $35.7 million, influenced by a one-time gain of $44.1 million. Full year guidance predicts 350 to 450 vehicles sold and revenue between $35 million and $45 million. The company also launched new products, including the Lightning Mobile Battery Charger and telematics software, and expanded partnerships for chassis supply.
Lightning eMotors (NYSE: ZEV) has launched Lightning Insights™, a state-of-the-art telematics system designed for real-time monitoring of fleet assets. The platform tracks 156 data points, including vehicle health and energy usage, enhancing fleet management capabilities. It features a user-friendly dashboard, charger management tools, and an API for third-party integrations. Lightning Insights is available via subscription, with a free three-month trial for new users. This upgrade aims to improve operational efficiency and vehicle uptime for electric vehicles.
Blue Bird Corporation (NASDAQ: BLBD) has announced a collaboration with Lightning eMotors (NYSE: ZEV) to launch a factory-certified electric repower program for its gasoline- and propane-powered school buses. Starting in 2023, customers can convert their buses into zero-emission vehicles, supporting a future-ready fleet. This initiative helps schools meet upcoming zero-emission mandates while maintaining low upfront costs. The electric powertrain offers multiple battery configurations, allowing for a driving range of up to 150 miles on a single charge.
Lightning eMotors (NYSE: ZEV) has launched its next-generation Lightning Mobile charging solution, designed for rapid deployment in remote locations without existing infrastructure. This innovative mobile DC fast charger can provide between 105 to 420 kWh battery capacity and multiple fast-charging outputs. Aimed at supporting fleet managers transitioning to electric vehicles, this solution addresses the growing demand for flexible and accessible EV charging options. Orders for the new units are available for delivery in late 2022.
Lightning eMotors (NYSE: ZEV) will announce its second quarter 2022 results on August 9, 2022, after market close. A conference call will follow at 5:00 p.m. Eastern Time. Investors can access the live webcast through the company’s Investor Relations page or join via phone at 888-645-4404 (domestic) or +1-404-267-0371 (international). Lightning eMotors specializes in zero-emission vehicles, servicing various fleet needs since 2018.
Lightning eMotors (NYSE: ZEV) and Collins Bus Corporation have expanded their partnership to include GM and Ford chassis for zero-emission Type A school buses. This initiative is supported by $5 billion in funding from the EPA under the Clean School Buses program, aiming to replace aging diesel buses with electric alternatives. The new buses will feature 125 kWh batteries and approximately 130 miles of range, making them a cost-effective choice for school districts facing rising fuel and maintenance costs.
Lightning eMotors (NYSE: ZEV) is expanding its deployment of repowered Class 3 to Class 7 electric vehicles in the Bay Area and northern California. These zero-emission vehicles are designed to provide cost-effective transportation as fuel prices rise and employees return to work post-COVID. Equipped with advanced telematics, the vehicles cater to tech companies by facilitating intra-campus and Park and Ride services. CEO Tim Reeser noted increased adoption across sectors, highlighting the repowered vehicles' efficiency and sustainability benefits.