Quebec’s Lion Electric to list on NYSE with $1.9 billion valuation through merger with U.S. blank-cheque firm
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The Lion Electric Co., a promising electric vehicle manufacturer based in Quebec, said it plans to go public through a merger with a U.S. blank-cheque firm Northern Genesis Acquisition Corp.
The combination of the Saint Jerome-based electric bus manufacturer with the Kansas City-based acquisitions company will be worth US$1.9 billion when listed on the New York Stock Exchange, the two companies said Monday.
The merger will see Lion Electric pull in US$500 million in cash to fund the company’s growth strategy, including the build-out of its U.S. manufacturing business. Founded in 2008, Lion Electric has built itself up by putting a total of 300 electric medium-duty vehicles such as trucks and buses on the road.
In September, Lion said it will deliver 10 battery electric trucks to Amazon.com Inc., a move that will help the e-commerce giant to reduce its carbon emissions. Power Sustainable Capital, a subsidiary of Power Corp. of Canada, is Lion’s largest shareholder.
