Northern Genesis Acquisition Corp. (NYSE:NGA) announces that its
proposed business combination partner: Lion Electric (Lion), an
innovative manufacturer of zero-emission vehicles, today announced
that it has secured an order for its all-electric school buses from
the Los Angeles Unified School District (LAUSD). This initial order
of 10 LionC school buses, which follows Lion’s recent delivery of
all-electric school buses to the Twin Rivers Unified School
District in Sacramento, further solidifies Lion’s leadership in
zero-emission school buses in California and North America.
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“LAUSD is possibly the most well-known school district in the
United States, and we are pleased to have been chosen as a key
partner in their journey toward zero-emission school bus
operations,” said Marc Bedard, CEO and Founder of Lion Electric.
“These all-electric buses signify the district’s commitment to
improving the local environment and the health of its communities,
and we are confident that they will meet and exceed the
expectations of the operators and students.”
LAUSD is the second largest school district in the United
States, serving over 600,000 students in kindergarten through
twelfth grade at over 1,000 schools. The district’s boundaries
stretch across 720 square miles and include the City of Los Angeles
as well as all or parts of 31 municipalities and several
unincorporated regions of Southern California.
Lion collaborated closely with the district in order to ensure
its buses met the unique requirements posed by its large and
diverse footprint. Each LionC bus purchased has a range of 155
miles on a single charge and incorporates an integrated wheelchair
lift. Lion will also provide support and training to LAUSD from its
recently opened Experience Center in the region, located in
Alhambra, California. The buses are expected to be delivered in
spring 2021.
The electric buses were funded in part by the California Energy
Commission’s (CEC) School Bus Replacement Program, and Lion
collaborated closely with LAUSD to add additional options to the
base CEC specification to accommodate the unique needs of its
routes. Under the program, Lion was awarded five out of the six
available categories after extensive evaluations of EV drive system
technical specifications, real-world deployments and Original
Equipment Manufacturer (OEM) EV capabilities. The CEC ranked Lion
not only as the highest performing manufacturer in its technical
evaluation, but also the manufacturer with the most
cost-competitive bid.
Over the last decade, Lion has established itself as a leader in
the all-electric school bus industry, having delivered over 300
all-electric school buses in North America with over 6 million
miles driven since 2016. Lion’s vehicles are distributed and
serviced through the company’s network of Experience Centers,
including two locations in California along with facilities in New
York, Washington, Florida and Arizona.
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 all 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 Electric, The Bright Move
Thelionelectric.com
About Northern Genesis Acquisition Corp.
Northern Genesis Acquisition Corp. (NYSE: NGA) is a special
purpose acquisition company formed for the purpose of effecting a
merger, stock exchange, acquisition, reorganization or similar
business combination with one or more businesses. The Northern
Genesis management team brings a unique entrepreneurial
owner-operator mindset and a proven history of creating shareholder
value across the sustainable power and energy value chain. Northern
Genesis is committed to helping the next great public company find
its path to success; a path which will most certainly recognize the
growing sensitivity of customers, employees and investors to
alignment with the principles underlying sustainability.
Transaction with Northern Genesis
On November 30, 2020, Lion announced that it had entered into a
business combination agreement and plan of reorganization pursuant
to which, subject to the satisfaction of customary closing
conditions, a wholly-owned subsidiary of Lion will merge with
Northern Genesis Acquisition Corp. (NYSE: NGA), a publicly traded
special purpose acquisition company focused on a commitment to
sustainability and strong alignment with environmental, social and
governance principles. On December 31, 2020, Lion filed with the
U.S. Securities and Exchange Commission (“SEC”) a preliminary
registration statement on Form F-4 (as amended, the “Registration
Statement”), which includes a preliminary proxy statement of
Northern Genesis, in connection with their proposed business
combination.
Upon closing of the proposed business combination, a
wholly-owned subsidiary of Lion Electric will merge with and into
Northern Genesis, and Lion is expected to be listed on the New York
Stock Exchange (NYSE) under the new ticker symbol “LEV”.
The business combination has been unanimously approved by the
Boards of Directors of both Northern Genesis and Lion Electric and
is expected to close in the first quarter of 2021, subject to the
Registration Statement being declared effective by the SEC,
approval by Northern Genesis stockholders as well as other
customary closing conditions.
Important Information and Where to Find It
The Registration Statement filed by Lion Electric with the SEC
includes a preliminary prospectus relating to the registration of
the securities to be issued by Lion Electric to Northern Genesis’
stockholders in connection with the transaction, and a preliminary
proxy statement of Northern Genesis in connection with Northern
Genesis’ solicitation of proxies for the vote by its stockholders
with respect to the transaction and other matters as described in
the Registration Statement. After the Registration Statement has
been cleared by the SEC and declared effective, Northern Genesis
will mail a definitive proxy statement to its stockholders.
Investors and security holders of Northern Genesis and other
interested parties are urged to read the Registration Statement,
the preliminary proxy statement/prospectus and amendments thereto
and the definitive proxy statement/prospectus (the “Joint Proxy
Statement/Prospectus”), any amendments to the foregoing, and any
other documents filed with the SEC, when available, because they
will contain important information about Lion Electric, Northern
Genesis and the proposed business combination. Investors and
security holders of Northern Genesis may obtain free copies of the
Joint Proxy Statement/Prospectus (when available) and other
documents filed with the SEC by Northern Genesis and Lion Electric
through the website maintained by the SEC at http://sec.report or
by directing a request to: Northern Genesis Acquisition Corp., 4801
Main Street, Suite 1000, Kansas City, MO 64112 or (816) 514-0324.
The information contained on, or that may be accessed through, the
websites referenced in this press release is not incorporated by
reference into, and is not a part of, this press release.
Participants in the Solicitation
Northern Genesis and its directors and executive officers and
other persons may be deemed to be participants in the solicitations
of proxies from Northern Genesis’ stockholders in respect of the
proposed business combination. Lion Electric and its officers and
directors may also be deemed participants in such solicitation.
Information regarding Northern Genesis’ directors and executive
officers is available under the heading “Management” in its final
prospectus dated August 17, 2020 filed with the SEC on August 18,
2020 (the “IPO Prospectus”). Additional information regarding the
participants in the proxy solicitation and a description of their
direct and indirect interests, by security holdings or otherwise,
which may, in some cases, be different than those of their
stockholders generally, are contained in the Joint Proxy
Statement/Prospectus and will be contained in other relevant
materials to be filed with the SEC in connection with the proposed
business combination when they become available. Stockholders,
potential investors and other interested persons should read the
Joint Proxy Statement/Prospectus carefully when it becomes
available before making any voting or investment decisions. When
available, these documents can be obtained free of charge from the
sources indicated above.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities or constitute a
solicitation of any vote or approval. No offer of securities, other
than with respect to the concurrent private placement of Lion
shares as described in the Registration Statement, shall be made
except by means of a prospectus meeting the requirements of Section
10 of the Securities Act.
Forward-Looking Statements
All statements other than statements of historical facts
contained in this press release constitute “forward-looking
statements” (which shall include forward-looking information within
the meaning of Canadian securities laws) within the meaning of
Section 27A of the Securities Act. Forward-looking statements may
generally be identified by the use of words such as “believe,”
“may,” “will,” “continue,” “anticipate,” “intend,” “expect,”
“should,” “would,” “could,” “plan,” “project,” “potential,” “seem,”
“seek,” “future,” “target” or other similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters, although not all forward-looking
statements contain such identifying words. These forward-looking
statements include, but are not limited to, statements regarding
the transaction, including with respect to timing and closing
thereof and the ability to consummate the transaction. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of Lion Electric’s and Northern Genesis’ management and are not
predictions of actual performance. Forward-looking statements
involve inherent risks and uncertainties, most of which are
difficult to predict and many of which are beyond the control of
Lion Electric and Northern Genesis, and are based on a number of
assumptions, as well as other factors that Lion Electric and
Northern Genesis believe are appropriate and reasonable in the
circumstances, but there can be no assurance that such estimates
and assumptions will prove to be correct or that the Lion
Electric’s vision, business, objectives, plans and strategies will
be achieved. Many risks and uncertainties could cause Lion
Electric’s actual results, performance or achievements or future
events or developments to differ materially from those expressed or
implied by the forward-looking statements, including those factors
discussed in the Registration Statement and Northern Genesis’ IPO
Prospectus, as well as other documents filed or to be filed by Lion
Electric or Northern Genesis in accordance with applicable
securities laws. These factors are not intended to represent a
complete list of the factors that could affect Northern Genesis or
Lion Electric, and there may be additional risks that neither
Northern Genesis nor Lion Electric presently know or that Northern
Genesis and Lion Electric currently believe are immaterial that
could also cause actual results to differ from those contained in
the forward-looking statements. In addition, forward-looking
statements reflect Northern Genesis’ and Lion Electric’s
expectations, plans or forecasts of future events and views as of
the date of this press release. Northern Genesis and Lion Electric
anticipate that subsequent events and developments will cause their
respective assessments to change. However, while Northern Genesis
and Lion Electric may elect to update these forward-looking
statements at some point in the future, Northern Genesis and Lion
Electric have no intention and undertake no obligation to do so
except as required by applicable law. These forward-looking
statements should not be relied upon as representing Northern
Genesis’ and Lion Electric’s assessments as of any date subsequent
to the date of this press release.
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LION ELECTRIC MEDIA Patrick Gervais Vice President of
Marketing and Communications Patrick.Gervais@thelionelectric.com
514-992-1060 INVESTORS Isabelle Adjahi Vice President, Investor
Relations and Sustainable Development 450-432-5466, extension 171
LionElectricIR@icrinc.com LionElectricPR@icrinc.com Northern Genesis: Investor Relations
Investors@northerngenesis.com 816-514-0324
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