The Lion Electric Company (TSX: LEV) announced on Thursday that it is preparing to assist eligible school districts in securing their funding under the U.S. Environmental Protection Agency’s US$5-billion Clean School Bus Program.
The first tranche worth US$500 million in funding is slated to be awarded this year. Priority districts are eligible to receive up to US$375,000 per bus in funding, which can represent 100% of an all-electric school bus price. Other eligible districts can receive up to US$250,000 per bus, which can bring the price of an electric school bus down to that of a conventional combustion engine vehicle.
“As the leader in all-electric school buses, Lion is in a fantastic position to help customers secure this new EPA funding for both all-electric school buses as well as charging infrastructure, which in some cases will fund the entire purchase of a new zero-emission Lion school bus,” said CEO Marc Bedard.
The federal program, a part of the Infrastructure Investment and Jobs Act, aims to deploy zero-emission and clean school buses over the next five years.
Applications for the first tranche of funding will begin in May and will be open for a 90-day period.
The Lion Electric Company last traded at $8.03 on the TSX.
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