Lightning eMotors, provider of complete electrification solutions for commercial fleets, and GigCapital3, Inc., a technology, media and telecom (TMT) Private-to-Public Equity (PPE)™ corporation, announced a business combination that will result in Lightning eMotors becoming a publicly listed company. After closing, the combined operating company will be named Lightning eMotors, Inc. It will list on the New York Stock Exchange under the ticker symbol ZEV.
Lightning eMotors is a high-growth electric vehicle manufacturer focused on urban commercial zero-emission vehicles. Lightning eMotors currently has a range of Class 3-7 battery-electric vehicles as well as fuel cell electric vehicles in production. Additionally, the company’s modular architecture, software-enabled platform, and integration capabilities provide a cost-effective solution to a segmented and customized market. Lightning eMotors’ solutions cover medium- and heavy-duty vocational vehicles including delivery trucks, bucket trucks, food trucks, and others. Lightning eMotors’ has also captured several blue-chip fleet customers, including Fluid Trucks, ABC Companies, ACE Parking, and California State Hospitals.
BENEFICIAL PARTNERSHIP
Currently, Lightning eMotors has a contracted order backlog of approximately 1,500 vehicles for delivery in 2021 and 2022. This includes the world’s first fuel cell electric Class 6 truck. Further, Lightning eMotors has the country’s largest commercial zero-emission fleet vehicle manufacturing facility in the US. Its annual production capacity is 1,000 vehicles today and will expand to 3,000 in 2021 and over 20,000 by 2025.
“With municipal regulations creating zero-emission zones in 30-plus cities worldwide and corporate mandates for zero emissions at many of the largest fleet operators in the world, Lightning eMotors is poised to capitalize on the regulatory and social shift to environmentally friendly commercial vehicles,” says Lightning eMotors’ cofounder and CEO, Tim Reeser. “We are excited to partner with GigCapital3 and leverage their extensive entrepreneurial, operational, and capital markets expertise as we scale the business as a public company. 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.”
“As a public company, Lightning eMotors will have a stronger capital structure to invest in capacity expansion, develop additional technology—both organically and through acquisitions,” says Raluca Dinu, founding managing partner of GigCapital Global and board member of GigCapital3. “The combination of Lightning eMotors and GigCapital3 brings unique, attractive, and promising opportunities to all stockholders and stakeholders, while substantiating our commitment to support one of the highest impact mega-trends of our lifetime, electrification of mobility solutions. We look forward to working with the Lightning eMotors team to build the industry leading zero-emission commercial EV company.”
Find out more, visit www.lightningemotors.com, www.gigcapitalglobal.com, or www.gigcapital3.com/.
