Canadian EV Manufacturer Lion Electric Announces NYSE Listing Through SPAC Deal
Montreal-based electric vehicle specialist The Lion Electric Company has revealed plans to go public through a merger with Northern Genesis Acquisition Corp, a special purpose acquisition company (SPAC). The transaction values the combined entity at $1.9 billion, with trading expected to begin on the New York Stock Exchange under the ticker symbol “LEV” in Q1 2021.
Key Financial Details
- $200 million raised through private investment in public equity (PIPE)
- $320 million in cash proceeds available
- Valuation reflects growing investor confidence in commercial EV sector
Strategic Growth Plans
The capital infusion will accelerate Lion Electric’s ambitious expansion strategy, including:
- US Manufacturing Facility: Evaluating 10+ brownfield sites across 9 states (CA, IL, IN, MI, NY, OH, OR, PA, WA, WI)
- Production Timeline: Target site selection by end of 2020, operations starting early 2023
- Battery R&D: Further development of proprietary battery systems
Current Operations & Milestones
- Existing Capacity: 2,500 vehicles/year production facility
- Fleet Deployment: 300 EVs currently operational
- 2021 Targets: 650 electric trucks and buses scheduled for delivery
- Major Client: Amazon contract for 10 electric “middle mile” trucks
SPAC Trend in EV Industry
Lion Electric joins a wave of electric vehicle makers opting for SPAC mergers:
| Company | SPAC Merger Year |
|---|---|
| Arrival | 2020 |
| Canoo | 2020 |
| Fisker | 2020 |
| Lordstown Motors | 2020 |
| Nikola Corp | 2020 |
This trend highlights the capital-intensive nature of vehicle manufacturing and investor appetite for sustainable transportation solutions.
Leadership & Governance
Post-merger leadership will feature:
- Marc Bédard continuing as CEO and founder
- Nine-member board including:
- Pierre Larochelle (Power Sustainable) as Chairman
- Five existing Lion directors
- Algonquin Power & Utilities Corp co-founders Ian Robertson and Chris Jarratt
The SPAC route provides Lion Electric with accelerated access to public markets while maintaining operational continuity—a critical advantage in the competitive commercial EV space.
