SAINT-JÉRÔME, Quebec — The Lion Electric Co. (formerly known as Lion Bus) announced on Wednesday a strategic investment from Power Energy Corp., a subsidiary of Power Corp. of Canada.
Partnering with Power Energy Corp. as an investor supports Lion’s vision and validates its commercialization and innovation plan to electrify heavy-duty vehicles, according to the manufacturer.
The goal of the investment is to continue to distribute and perfect Lion’s electric school bus, the eLion, as well as introduce other all-electric buses and Class 5 to 8 trucks. Lion is currently developing a small bus that will meet paratransit, school, and public transportation requirements and will launch in 2018, according to the vehicle manufacturer.
“We are proud to have Power Energy as our business partner and investor,” said Marc Bédard, president and founder of Lion. “This partnership will allow us to continue our ascension among global leaders in electric transportation. We will keep innovating to offer ... a complete line of heavy and semi-heavy all-electric vehicles. We believe that this transition will lead to major improvements in our environment and overall quality of life, not only for us but also for our future generations.”
“Power Energy is proud to partner with Mr. Marc Bédard, who continues to bring forward his vision through effective leadership and innovation,” said Pierre Larochelle, president and CEO of Power Energy. “We fully trust Lion’s ability to further expand and position itself among the international leaders in the transport electrification industry. This new partnership is perfectly aligned with our investment strategy, focused on the sustainable development and clean energy sectors.”
Lion also announced in February that it plans to add a new electric bus manufacturing facility in California. Meanwhile, the manufacturer’s eLion is being deployed in an electric school bus pilot in Minnesota.