Distributed Energy Resources, Industrial, Sourcing Renewables - November 29, 2022
Lion Electric Inks Four-Year Supply Deal for EV Batteries
The Lion Electric Company has entered into a four-year supply agreement to source lithium-ion battery cells in the manufacturing of batteries for its electric medium- and heavy-duty urban vehicles.
The zero-emission vehicle manufacturer agreed to purchase 39 million lithium-ion battery cells at escalating volumes during 2023 and 2024, with volumes and unit prices for 2025 and 2026 to be determined at a later date.
The supplier will be required to complete internal cell qualification processes to ensure the supply is meeting Lion’s specification requirements before the fulfillment of the second round of battery cells in the latter two years.