Electric bus and truck maker Lion Electric announced on Monday that it has entered into agreements for investments representing total gross proceeds of approximately US$142 million (approximately C$187 million).
Investors include Investissement Québec, Fonds FTQ, Fondaction (for total gross proceeds of approximately US$74 million, or nearly CA$97 million) and a group of private investors led by Groupe Mach and the Mirella and Lino Saputo Foundation (C$90 million).
In a statement, Lion Electric, which plans to close the financing on Wednesday, said the investments will be used to “[renforcer]its financial situation” and “[poursuivre] its growth strategy”, particularly for its expansion projects in Mirabel, Quebec, and Joliet, Illinois, in the United States.
“This financing transaction represents a key milestone for Lion, as it gives us the flexibility to execute on our growth plans,” said Marc Bedard, Lion’s CEO and Founder, in a statement.
“The diversity of this group of investors, who come from both the public and private sectors, speaks to the importance of Lion in the electric vehicle sector,” he added.