SPAC Northern Genesis Stocks Up 16% As Amazon Seals Deal With Lion Electric

2 min read | January 07, 2021 03:25 AM EST | By Team Kalkine Media

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SPAC Northern Genesis Stocks Up 16% As Amazon Seals Deal With Lion Electric

Key Highlights of the Lion Electric-Amazon Inc Deal

Quebec-based Lion Electric Company, which manufactures electric-fueled school and transit buses and medium- to heavy-duty electric trucks, signed a master purchase agreement (MPA) with Amazon Logistics Inc in June last year.
According to the MPA, the Canadian company was set to sell about 2,500 Lion 6 and Lion 8 electric trucks to a previously unnamed “specified customer”.
The deal requires Lion Electric Company to deliver up to 500 EV trucks every year to Amazon Logistics between 2021 and 2025.

©Kalkine Group 2020

Between 2026 and 2030, Lion Electric will have to provide more than 500 EV trucks per year, or 10 per cent of its manufacturing capacity, to Amazon.
As per the SEC filing, the Silicon Valley giant has ownership options to own nearly 20 per cent stake in Lion Electric in the future.

Lion Electric Company IPO

The electric vehicle company plans to get publicly listed via its reverse-takeover deal with Northern Genesis Acquisition Corp by the end of the first quarter of 2021.

The merger will reportedly generate a net cash of about US$ 500 million for Lion Electric.

Once merged, the combined company is expected to get listed on the New York Stock Exchange.

Its stocks will trade under the ticker of “LEV”.

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