Commercial EV-maker Lightning eMotors to join NYSE through SPAC deal

Lightning eMotors, a manufacturer of commercial EVs for fleets, will become a publicly listed company through a merger with a company called GigCapital3. Upon closing, Lightning eMotors will be listed on the New York Stock Exchange under the ticker symbol ZEV. The business combination values Lightning eMotors at approximately $823 million. The transaction is expected to add over $270 million of cash to the company’s balance sheet.

Lightning eMotors offers a full range of Class 3-7 battery-electric and fuel cell electric vehicles, including ambulances, delivery trucks, bucket trucks, food trucks, school buses and coach buses. Fleet customers include Fluid Trucks, ABC Companies, ACE Parking and California State Hospitals.

Lightning says it currently has an order backlog of approximately 1,500 vehicles for delivery in 2021 and 2022, including a fuel cell Class 6 truck. Lightning’s manufacturing facility has an annual production capacity of 1,000 vehicles, and the company hopes to expand that to 3,000 in 2021 and over 20,000 by 2025.

“Over the last 12 years, Lightning eMotors has built its modular hardware and software platform, partnering with fleets all over the US to develop best-in-class zero-emission battery-electric and fuel cell electric commercial solutions,” said Lightning co-founder and CEO Mr. Tim Reeser. “With an estimated worldwide annual total addressable market opportunity of $67 billion for Class 3-7 vehicles, we see tremendous demand from fleets to transition their commercial vehicles from internal combustion engines to zero-emission solutions at an attractive total cost of ownership, even without state and federal grants. The capital raised in this transaction will enable Lightning eMotors to accelerate its growth plans and fulfill significant demand from our customers, including some of the most recognizable transportation, public safety, and e-commerce companies in the United States.”

Source: Lightning eMotors