Fleet Financing

Lion Electric selected to participate in the Heritage-Romeo Power fleet electrification program



MONTREAL, May 14, 2021 / CNW / – The Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion Electric”), a leading manufacturer of all-electric medium and heavy urban vehicles, today announced that it has been selected for participate in the Heritage-Romeo electric fleet electrification program.

The Lion Electric Co. logo (CNW Group / Lion Electric)

The Heritage-Romeo Power Fleet Electrification Program is a collaboration between Heritage, a leader in environmental, sustainability and recycling services, and Romeo Power, an energy technology leader providing advanced electrification solutions for complex commercial vehicle applications, to execute the electrification strategy of the Heritage fleet.

Heritage will initially purchase five Lion Electric battery-powered electric trucks for the 2021 Fleet Electrification Validation Program consisting of Class 6 and / or Class 8 vehicles. Subject to the success of the validation program to target specifications with experience of operational excellence, Heritage plans to purchase an additional 100 Lion Electric production trucks equipped with Romeo Power batteries over a period of four years.

The production mix is ​​expected to include 80 Lion8 vehicles and 20 Lion6 vehicles. Upon successful completion of the validation program, production is expected to start in 2022 and end in 2025.

“Lion Electric is delighted to have been selected for the Heritage-Romeo Power fleet electrification program,” said Marc Bedard, CEO and founder of Lion Electric. “This partnership will allow us to increase the size of our fleet of fully electric utility vehicles on the road, powered by state-of-the-art battery technology of the highest quality, ultimately reducing greenhouse gas emissions and promoting fuel efficiency. adoption of zero emission trucks everywhere. North America. “

“We are delighted to have Lion Electric as part of the Heritage-Romeo Power Fleet electrification program. Lion Electric is widely respected for the design and quality of its fully electric buses and utility vehicles,” said Lionel Selwood, Jr., CEO of Romeo Power. “We look forward to partnering with them as we integrate our advanced energy technology into their battery-powered electric trucks, paving the way for a more sustainable future.”

About Lion Electric

Electric lion is an innovative manufacturer of zero emission vehicles. The company designs, designs and manufactures Class 5-8 commercial urban trucks and fully electric buses and minibuses for the school, paratransit and transit segments. Lion is a North American leader in electric transportation and designs, builds and assembles many components of its vehicles, including chassis, battery packs, truck cabs and bus bodies.

Always on the active search for new and reliable technologies, Lion vehicles have unique characteristics specifically adapted to its users and their daily needs. Lion believes that the transition to fully electric vehicles will lead to major improvements in our society, our environment and our overall quality of life. Lion shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV.

Lion Electric, the luminous movement

Thelionelectric.com

About Romeo Power, Inc.
Founded in 2016 and based in Los Angeles, California, Romeo Power (NYSE: RMO) is an energy technology leader providing advanced electrification solutions for complex commercial vehicle applications. The company’s advanced hardware suite, combined with its innovative battery management system, provides the security, performance, reliability and configurability its customers need to be successful. Romeo Power’s The 113,000 square foot manufacturing facility incorporates its flexible design and development process to package the most energy dense modules on the market. To follow everything Romeo Power, please follow the brand on social media @romeopowerinc or visit romeopower.com.

About Heritage Environmental Services, Inc.
Heritage Environmental Services is a private, family-owned environmental services company with over 1,600 employees across the North and central America. The company provides a full range of bespoke solutions ranging from emergency response, waste disposal and sustainability services to on-site support and technical solutions to thousands of customers in hundreds of industries and vertical sectors. During its 50 years of existence, Heritage Environmental Services has given priority to the safety of its employees while pursuing its objective of protecting human health and the environment.

Forward-looking statements

All statements other than statements of historical fact contained in this press release constitute “forward-looking statements” (which must include forward-looking information within the meaning of Canadian securities laws) within the meaning of section 27A of the Canadian Securities Act. securities, including statements relating to the planned construction and commencement of operations of the Lion manufacturing plant and its projected production capacity. Forward-looking statements can generally be identified by the use of words such as “believe”, “may”, “will”, “continue”, “anticipate”, “intend”, “expect”, “should “,” Would, “” could “,” plan “,” potential “,” future “,” target “or other similar expressions which predict or indicate future events or trends or which are not statements about historical matters, although not all forward-looking statements contain such identifying words. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Lion’s management and are not forecasts of actual performance.These forward-looking statements are provided to help readers understand certain key elements of Lion’s objectives, goals, targets, strategic priorities, expectations and current plans, and to better understand Lion’s business and its business. op environment operational expected. Readers are cautioned that this information may not be appropriate for other purposes and is not intended to be used and should not be relied on by any investor as a guarantee, assurance, prediction or definitive statement of fact or probability.

Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond Lion’s control, and are based on a number of assumptions, as well as other factors that Lion deems appropriate and reasonable. circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct or that Lion’s vision, activities, goals, plans and strategies will be achieved. There are many risks and uncertainties that could cause Lion’s actual results, performance or achievements or future events or developments to differ materially from those expressed or implied by forward-looking statements.

In addition, forward-looking statements reflect Lion’s expectations, plans or forecasts regarding future events and beliefs as of the date of this press release. Leo predicts that subsequent events and developments will cause Leo’s ratings to change. However, although Lion may choose to update these forward-looking statements at any time in the future, Lion has no intention and assumes no obligation to do so, except as required by applicable law. These forward-looking statements should not be taken as representative of Lion’s views as of a date subsequent to the date of this press release. Lion’s forward-looking statements are expressly qualified in their entirety by this cautionary statement. The full version of the cautionary statement regarding forward-looking statements together with a description of the relevant assumptions and risk factors that could affect Lion’s actual results, performance or achievements or future events or developments that differ materially from those expressed or implied by the future. – forward-looking statements are included in the registration statement on Form F-4 filed by Lion under his profile on EDGAR at www.sec.gov.

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