The merger will see Lion Electric pull in US$500 million in cash to fund the company’s growth strategy, including the build-out of its U.S. manufacturing business. Founded in 2008, Lion Electric has built itself up by putting a total of 300 electric medium-duty vehicles such as trucks and buses on the road.
Lion Electric CEO and founder Marc Bedard called the transaction “an important milestone” in its goal to lead the market. “The business combination with Northern Genesis provides us with capital to fund Lion’s strategic initiative,” Bedard said.
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