Québec Government, Investissement Québec, Fonds de solidarité FTQ and Fondaction Invest US$74 Million in Lion Electric
The Government of Québec, Investissement Québec, Fonds de solidarité FTQ and Fondaction are proud to announce an investment of approximately US$74 million in Québec flagship company Lion Electric.
The proceeds from this investment will be used to strengthen the company's financial position and allow it to pursue its growth strategy. This investment is being made in conjunction with an investment of C$90M from a group of subscribers led by Mach Group and the Mirella & Lino Saputo Foundation.
"This financing is a key milestone for Lion in that it provides us with flexibility to execute our growth plans. We are extremely thankful to the Government of Québec and Investissement Québec for their ongoing support, and to the new investors joining this round, including the Fonds de solidarité FTQ, Fondaction and a private consortium led by Mach Group," said Marc Bédard, CEO-Founder of Lion. "The diversity of this group, which stems both from the public and private sectors, speaks to the importance of Lion in the EV landscape."
Continuing their growth strategy
"The US$35 million from the government will allow Lion Electric to continue its growth strategy. In addition to being a proud home-grown Québec business, it is a key actor in our battery industry in that it will transform our minerals into batteries for buses and trucks built here in Québec," said Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister Responsible for Regional Economic Development, and Minister Responsible for the Metropolis and the Montréal Region.
"Lion already offers vehicles designed from the ground up to be electric and intends to capitalize on this advantage to develop its brand and capture more market share. Thanks to Lion, Saint-Jérôme has become a hub for transportation electrification and sustainable mobility in Québec," said Youri Chassin, MNA for Saint-Jérôme and Parliamentary Assistant to the Minister of Health.
"Investissement Québec is proud to be a long-time partner of Lion Electric," said Bicha Ngo, Senior Executive Vice-President, Private Equity, at Investissement Québec. "Marc Bédard and his team play a leading role in Québec's transportation electrification industry, and this round of financing, which includes US$15 million of Investissement Québec's own funds, will solidify its production capacity and growth while helping to position Québec as a North American and world leader in this sector that is so vital to our economy," said Ms. Ngo.
A new page in company history
"This investment of more than US$19 million in Lion Electric marks a new page in the company's history. The Fonds de solidarité FTQ is proud to support a company that plays a major role in the electrification of transportation in Québec and elsewhere in the world. When a Québec company stands out in its area of expertise, it's essential that we be there to back its growth. Our investment is also in line with the Fonds' target to hold $12 billion in sustainable development assets by 2027," explained Dany Pelletier, Executive Vice-President – Private Equity and Impact Investing at the Fonds de solidarité FTQ.
"For Fondaction, investing in Québec companies such as Lion Electric, a pioneer in the electrification of transportation, speaks to our commitment to building a future where sustainable mobility is the norm and to reducing GHGs in Québec," said Claire Bisson, Deputy Chief Investment Officer, Impact and Sustainable Investments, at Fondaction.
