The Lion Electric Company ( NYSE: LEV ) announced on Monday that it entered into an agreement with Mitsubishi HC Capital Canada and ENGS Commercial Finance to provide financing solutions to Lion school bus and truck customers in the United States and Canada through LionCapital Solutions' vehicle financing program.
The agreement is expected to makes it easier for clients to obtain financing by allowing LionCapital Solutions to leverage Mitsubishi's vehicle financing expertise and capital.
The LionCapital Solutions' turnkey financing solutions are said to provide for up to 100% of fleet electrification costs, including the initial cost of the vehicle, charging infrastructure and installation, and thus can potentially completely eliminate upfront capital requirements for fleets to transition to electric vehicles.
Shares of LEV broke 6.99% higher in premarket trading on Monday.
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Lion Electric rallies after lining up financing partners