The Lion Electric Company ( NYSE: LEV ) traded higher on Tuesday after the Canadian-based company announced that it has completed delivery of its first LionC zero-emission school bus funded by the U.S. Environmental Protection Agency's Clean School Bus Program.
The zero-emission school bus was delivered to Mount Desert Island Regional School System in Bar Harbor, Maine. Mount Desert received a U.S. manufactured Lion bus built at the Company's recently opened factory in Joliet, Illinois, where the initial focus on the production of all-electric school buses will be from. At full scale, this facility is expected to be able to produce up to 20K medium and heavy-duty vehicles annually. Deliveries were also completed to Wabaunsee County Schools in Kansas and Big Valley Joint Unified School District in Northern California.
Launched in mid-2022, the EPA's Clean School Bus Program announced its first round of awarded school districts in October, nearly doubling the $500N originally allocated to $913M due to resounding interest in the program. Vouchers awarded in this initial round of EPA funding are conditional on buses being ordered from October 2022 to April 2023, and charging infrastructure being installed and vehicles delivered by October 2024.
Shares of LEV rallied 3.26% in premarket action on Tuesday. The stock took a tumble last week after a new stock offering.
For further details see:
Lion Electric delivers first zero-emissions school bus as part of EPA program