Lion Electric, a prominent North American electric utility vehicle manufacturer, has successfully raised $142 million to support its expansion plans in Canada and the United States.
The financing includes the issuance of $74 million in senior unsecured convertible debentures to a group of subscribers, including Investissement Québec, Fonds de solidarité des travailleurs du Québec, and Fondaction. Additionally, Lion Electric issued $90 million CAD ($68 million USD) in senior secured non-convertible debentures to subscribers such as Mach Group and the Mirella & Lino Saputo Foundation. The company also issued 22.5 million common share purchase warrants, with an exercise price of CAD 2.81 ($2.13 USD).
Lion Electric specialises in manufacturing electric utility vehicles, and it recently introduced the Lion5, an all-electric Class 5 truck featuring its newly developed 800V battery packs. With a maximum payload capacity of up to 12,500lbs (5700kg), production of the Lion5 is expected to commence before the end of this year.
In March, Lion Electric made headlines when it filed a lawsuit against Nikola Motor. The dispute arose after Nikola Motor acquired Romeo Power and terminated a battery supply agreement between Romeo Power and Lion Electric, potentially to secure its own battery supply.
