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Electric vehicle company Lion Electric is set to go public through a SPAC merger, confirming rumors from Bloomberg in October.
What Happened: Lion Electric announced a merger with SPAC Northern Genesis Acquisition Corp (NYSE:NGA). Shareholders in Northern Genesis will own 20.5% of the new company, which will trade under the symbol "LEV" on the NYSE.
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Lion Electric is an electric vehicle company in the medium/heavy duty trucks and bus segments with seven different models offered. The SPAC deal will help fund Lion Electric’s planned ramp-up in manufacturing and its battery system assembly factory.
Click here to check out Benzinga's EV Hub for the latest electric vehicles news.
Why It’s Important: The total addressable markets for the company are $100 billion and $10 billion annually for trucks and buses, respectively.
Partners for Lion Electric include Dana Incorporated (NYSE:DAN), BMW, LG Chem, ConEdison and ABB Ltd (NYSE:ABB). Customers for Lion Electric include Amazon.com Inc (NASDAQ:AMZN), Canadian National Railway (NYSE:CNI) and Waste Connections.
The company claims it's ahead of peers and has a significant first-mover advantage. Lion Electric also has charging infrastructure and telematics solutions for customers.
Growth Ahead: Lion Electric has over 300 purchase orders in hand with potential orders for over 6,000 vehicles.
In the presentation, the company mentioned the Biden Clean Energy Plan, which calls for 500,000 school buses to have zero emissions by 2030.
The company forecasts 650 units sold in fiscal 2021 and revenue increasing 608% year-over-year to $204 million. By 2023, the company is forecasting to sell 7,580 units and hitting revenue of $1.67 billion.
NGA Price Action: Shares of Northern Genesis hit a high of $15.71 in early Monday trading. The stock was up 7% to $13.90 at publication time.
Disclosure: The author has a long position in shares of NGA.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.