Lion Electric and Northern Genesis Acquisition Corp., a particular goal acquisition firm, have accomplished their beforehand introduced enterprise mixture. The transaction resulted in proceeds of roughly U.S. $490 million to Lion, after fee of transaction bills. Roughly U.S. $90 million of the web proceeds had been used to repay excellent credit score services and debt devices. 

The rest of the web proceeds of the transaction are anticipated for use to finance Lion’s development technique, together with the deliberate enlargement of the corporate’s U.S. manufacturing capability, the continued growth of superior battery programs, the deliberate development of a extremely automated battery system meeting manufacturing facility in Québec and different normal company functions.

“As we speak marks a giant step ahead within the evolution of Lion, as we speed up our development technique to proceed promoting all-electric medium and heavy-duty city autos on the slicing fringe of know-how, whereas creating new ones,” stated Marc Bédard, CEO and founding father of Lion. 

“We thank NGA, our traders and our Board of Administrators for sharing and supporting our mission of being the chief in our trade in addition to our imaginative and prescient which goals at bettering our society, the environment and, above all, the standard of lifetime of throughout us.”