Mitsubishi HC Capital Canada and ENGS Commercial Finance Co. announce a North American Agreement with Lion Electric to Provide Financing for All-electric Buses and Medium- and Heavy-Duty Trucks Through LionCapital Solutions
MONTREAL, February 13, 2023 - The Lion Electric Company (NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"), a leading manufacturer of all-electric medium- and heavy-duty vehicles, today announced that the Company has entered into an agreement with Mitsubishi HC Capital Canada, a subsidiary of Mitsubishi HC Capital America, and its related company, ENGS Commercial Finance Co, to provide financing solutions to Lion school bus and truck customers in the United States and Canada through LionCapital Solutions’ vehicle financing program.
The Lion Electric Company (NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"), a leading manufacturer of all-electric medium- and heavy-duty vehicles, today announced that the company has entered into an agreement with Mitsubishi HC Capital Canada, a subsidiary of Mitsubishi HC Capital America, and its related company, ENGS Commercial Finance Co. The purpose is to provide financing solutions to Lion school bus and truck customers in the United States and Canada through LionCapital Solutions’ vehicle financing program.
“I am very pleased to announce this partnership with Mitsubishi HC Capital Canada and ENGS Commercial Finance and to have financial partners who shares Lion’s sustainable transportation vision and values. This agreement will allow LionCapital Solutions to provide Lion customers with financing solutions specifically designed for Lion school buses and trucks,” said William Blanchard, Head of LionCapital Solutions. “This partnership will allow us to seamlessly integrate our financing solutions into the Lion ecosystem, thereby making it easier and simpler for our clients to secure the financing required for the purchase of their Lion vehicles.”
“As an established market leader in the transportation sector, ENGS Commercial Finance Co. is proud to work alongside and support Lion Electric Company as advancements continue to be made in the ever-important electric transportation segment,” said Craig Weinewuth, CEO & President. “Joining together to offer their customers innovative financing options further demonstrates our pledge to supporting electrification and this next phase of mobility solutions.”
François Nantel, President of Mitsubishi HC Capital Canada added: “As the world searches for more sustainable solutions, the necessity of electric transportation is more obvious than ever. As an organization that provides financing solutions focused on the United Nations Sustainable Development Goals (SDGs), we firmly believe that electric transportation not only positively impacts our environment, but can ultimately improve our quality of life. That makes our partnership with Lion perfectly attuned.”
LionCapital Solutions’ turnkey financing solutions can provide for up to 100% of fleet electrifications costs, including the initial cost of the vehicle, charging infrastructure and installation, and thus can potentially eliminate upfront capital requirements for fleets to transition to electric vehicles.
ABOUT LION ELECTRIC
Lion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit and mass transit segments. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles' components, including chassis, battery packs, truck cabins and bus bodies.
Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life. Lion shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV.
ABOUT MITSUBISHI HC CAPITAL CANADA AND ENGS COMMERICAL FINANCE CO.
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Mitsubishi HC Capital Canada, a subsidiary of Mitsubishi HC Capital America, brings a consultative approach and expertise to customers of all sizes to help their businesses grow every day. Serving as a collaborative partner, we provide customized financing solutions for a wide range of industries, including manufacturing, construction, transportation, staffing & temporary help, commercial electric vehicles & charging infrastructure and clean technology. We are committed to the United Nations Sustainable Development Goals to improve the communities where we operate.
Visit https://www.mhccna.com/en-ca
ENGS Commercial Finance Co., a member of one of the largest and most diversified financial groups in the world, is a market leading commercial finance company providing best-in-class, technology-enabled financing solutions. An industry expert committed to Service, Speed and Simplicity. The FINTECH platform offers a 100% digital finance and service solution for greater efficiency and streamlined customer experience. They are also committed to supporting the United Nations Sustainable Development Goals by delivering financing offerings in the renewable and alternative energy markets.
The combined assets under management of the two organizations is $6.4 billion. More information on Mitsubishi HC Capital Canada can be found at: https://www.mhccna.com/en-ca/. More information on ENGS can be found at: https://engsfinance.com/