The Lion Electric Company (TSX: LEV) announced this morning the receipt of a conditional purchase order from Groupe Autobus Séguin. The school transportation provider is ordering 55 100% electric school buses.
The purchase will be composed of 45 LionA and 10 LionC models with expected deliveries to transpire in 2025. This adds to the previously acquired 60 electric buses from the automaker in January 2021, 10 vehicles of which are already being used by the Quebec-based operator.
However, the purchase is conditional on the satisfactory grant of funding under Quebec’s School Transportation Electrification Program and 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.
The new buses will be expected to cover the school routes in the Montreal and Laval regions. “Our goal is to electrify 75% of our fleet by 2030, and with the order announced today, we’re certainly moving in the right direction,” said Autobus Groupe Séguin President Stéphane Boisvert.
The conditional purchase comes weeks after the automaker also secured another one from Student Transportation of Canada for 1,000 electric buses and a purchase for 39 electric buses from another Quebec-based firm Groupe Autocar Jeannois.
The Lion Electric Company last traded at $14.47 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.