The Lion Electric Company, a Canadian-based manufacturer of all-electric medium and heavy-duty urban vehicles serving the North American market, announced that it has received a conditional purchase order for 1,000 all-electric Lion school buses from Student Transportation of Canada (STC), a subsidiary of Student Transportation of America (STA). STA is controlled by Caisse de dépôt et placement du Québec (CDPQ), the province’s pension fund manager.
The purchase order is conditional upon the satisfactory grant of non-repayable contributions to STC under Infrastructure Canada’s Zero-Emission Transit Fund (ZETF), for which STC has filed a formal application. Under the ZETF program, the Government of Canada aims to invest $2.75 billion over five years to support public transit and school bus operators in the transition to electrification.
Lion Electric (TSX:LEV) was up $1.74 or 11.8 per cent to $16.49 on the news. If confirmed, this purchase order would allow STC to become the largest operator of zero-emission school buses in North America.