The company intends to combine with GigCapital3, a special-purpose acquisition company (SPAC) later this year.
Colorado-based Lightning eMotors (formerly Lightning Systems) has announced a major $45 million order for 200 electric vehicles from ABC Companies.
ABC Companies received in December its first T2145e all-electric motor coach from Lightning eMotors and now wants to deploy 200 additional EVs, ranging from Class 3 Transit passenger wagons to motorcoaches (touring coach and high-capacity double-deck coaches). The deal is for new vehicles manufactured by Lightning eMotors, as well as for Lightning eMotors’ powertrain systems, that will be installed by ABC Companies into customers’ previously operated vehicles.
“Under the order and partnership, Lightning eMotors has trained ABC Companies personnel to install and service Lightning Electric powertrain systems. In addition to Class 8 motorcoaches, the order from ABC Companies includes Class 3 Lightning Electric Transit passenger vans, Class 4 Lightning Electric E-450 shuttle buses, Class 5 Lightning Electric F-550 shuttle buses, and Class 7 transit buses.”
According to Lightning eMotors, the electric motorcoach has a range of more than 200 miles (320 km), using 800-volt modular, liquid-cooled battery system with up to 640 kWh of energy capacity. It has 3,445 Nm of torque and can fast charge in three hours (DC).
Roman Cornell, president and chief commercial officer of ABC Companies said:
“The first motorcoach delivered has met the high expectations many of our customers have. It has excellent power, over 200 miles of range on a charge, and Lightning’s energy division can support installation of fast-charging systems that meet our customer’s stringent requirements. This agreement demonstrates our commitment to work together with Lightning eMotors and sets our order plans for the next 24 months.”
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Combination with GigCapital3
In December Lightning eMotors announced a definitive agreement for a business combination with GigCapital3, Inc. (“GIK” or “GigCapital3”) (NYSE: GIK), which is a special-purpose acquisition company (SPAC). Yes – you read it right, another SPAC popped out in the EV market.
They plan to combine in the first quarter of 2021, which means that Lightning eMotors will be listed on the New York Stock Exchange under the ticker symbol [“ZEV”].
According to the press release from December 10, Lightning eMotors had an order backlog of approximately 1,500 vehicles for delivery in 2021 and 2022. Its manufacturing facility has an annual production capacity of 1,000 vehicles today, with an option to expand to 3,000 in 2021 and to over 20,000 by 2025.
Here are a few highlights:
- “Production expected to reach 20,000 medium duty commercial electric vehicles by 2025
- High revenue visibility with 100% of projected 2021 revenue of $63 million and 25% of 2022 projected revenue of $354 million under firm purchase orders as of today, and strong line of sight to $2 billion in projected 2025 revenue, including $1 billion from existing fleet customers
- Transaction supported by $125 million of gross proceeds from the issuance of equity and convertible financings in a Private Investment in Public Equity (PIPE) transaction, including a commitment from BP Technology Ventures and other leading institutional investors
- Pro forma implied equity value of the merger is approximately $823 million”
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