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Source: OneSideProFoto, Shutterstock
Lion Electric entered a partnership with telematics solutions firm Geotab on Thursday (March 19) to optimize its LionBeat Advanced EV Telematics, a suite offering for electric fleet.
The LionBeat system is developed on Geotab’s open platform, which enhances EV fleets’ safety and productivity.
While providing more information on the product, Marc Bedard, CEO, and founder, Lion Electric said that they have built a telematics solution for electric vehicles, and Geotab is an apt partner for this technology.
Lion Electric, which produces battery-run trucks and busses, announced that it will set up a battery facility in Quebec province earlier this week.
The Canada-based company also plans to grow its business from the projected Quebec-based outlet that may generate electricity up to 5 gigawatt-hours yearly, enough to create nearly 14,000 heavy-duty and medium-duty vehicles each year. Lion Electric expects to get control of the delivery part and cost-cutting through the proposed factory.
Northern Genesis Acquisition Corp. (NGA:US or NYSE: NGA), a US-based special-purpose acquisition company (SPAC), is likely to purchase Lion Electric. Shares of the SPAC opened in the green on Friday, March 19, as Lion Electric launched a telematics solution.
On October 9, 2020, the blank check company shares began trading on the New York Stock Exchange (NYSE).
The SPAC listing culture is blooming across Wall Street. Northern Genesis has flourished by almost 80.72 per cent since its listing. However, the stock is currently at US$ 18 per piece, down 49 per cent compared with its all-time high of US$ 35.25 per common share.
Source: Kalkine Group @2020
The SPAC has delivered over 20 per cent growth in the past three months, propelled by its possible purchase of Lion Electric, which disclosed its US$ 185-million factory set up early this week.
Its market cap is US$ 712.40 million, and its average trading volume is 3.2 million for the past 50 days.
Northern Genesis revealed in late 2020 that it will buy Lion Electric for US$ 200 million. The merged enterprise expects to have a market capitalization worth US$ 1.90 billion. After this transaction, the joint entity will apply for an initial public offering under a ticker name “LEV” with the US Securities and Exchange Commission (SEC).
