Lion Electric Selected to Participate in the Heritage-Romeo Power Fleet Electrification Program

MONTREAL -  The Lion Electric Company (NYSE: LEV) (TSX: LEV) ("Lion Electric"), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced today it has been selected to participate in the Heritage-Romeo Power Fleet Electrification Program.

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 delivering advanced electrification solutions for complex commercial vehicle applications, to execute on Heritage's fleet electrification strategy.

Heritage will initially purchase five Lion Electric battery-electric trucks for the 2021 fleet electrification validation program consisting of Class 6 and/or Class 8 vehicles. Subject to the validation program's success to target specifications with operational excellence experienced, Heritage anticipates purchasing an additional 100 Lion Electric production trucks equipped with Romeo Power battery packs over a four-year period.

The production mix is expected to include 80 Lion8 vehicles and 20 Lion6 vehicles. Upon a successful validation program, production is expected to commence in 2022 with completion in 2025.

"Lion Electric is thrilled to have been selected for the Heritage-Romeo Power Fleet Electrification Program," said Marc Bedard, CEO and Founder of Lion Electric. "This partnership will enable us to increase the size of our all-electric fleet of commercial vehicles on the road, powered by cutting-edge battery technology of the highest standard – ultimately reducing greenhouse gas emissions and building momentum for zero-emission truck adoption throughout North America."

"We are excited to have Lion Electric as part of the Heritage-Romeo Power Fleet Electrification Program. Lion Electric is broadly respected for the design and quality of its all-electric buses and commercial vehicles," said Lionel Selwood, Jr., CEO of Romeo Power. "We look forward to partnering with them as we integrate our leading-edge energy technology into their battery-electric trucks, paving the way for a more sustainable future."

About Lion Electric

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

Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life. Lion shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV.