The Lion Electric Company (TSX: LEV) announced this morning the receipt of the conditional purchase from Student Transportation of Canada (STC). The school transportation provider is ordering 1,000 electric school buses.
No details have been disclosed yet on the purchase price of 1,000 all-electric LionC school buses. However, the purchase is conditional on the satisfactory grant to the STC under Infrastructure Canada’s Zero-Emission Transit Fund. The government initiative aims to invest $2.75 billion over five years in the electrification of public transit and school buses.
Should the transaction push through, STC is slated to be “the largest operator of zero-emission school buses in North America”. The firm is a subsidiary of Student Transportation of America whose controlling shareholder is Caisse de dépôt et placement du Québec.
The deliveries of the vehicles are expected to start in 2022 and occur through the first half of 2026.
The automaker estimates that the deployment of 1,000 electric buses “would help eliminate approximately 23,000 tons of greenhouse gas emissions per year”.
The Lion Electric Company last traded at $14.75 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.