Mitsubishi backs up Lion Electric financing solutions

Electric bus maker Lion Electric has secured backup from Mitsubishi HC Capital Canada for its financing division LionCapital Solutions. They will help customers in the United States and Canada to finance Lion electric school buses and trucks.

The Canadian manufacturer launched LionCapital Solutions in February last year to offer turnkey solutions, including the vehicles and related charging infrastructure, as well as loans, leasing and monetisation of carbon credits.

With Mitsubishi HC Capital America and its related Fin Tech company ENGS Commercial Finance Co now on board, Lion’s financing program receives the capitalisation and expertise it needs to provide up to 100% of fleet electrification costs. The offers may “potentially completely eliminate upfront capital requirements for fleets to transition to electric vehicles,” writes Lion Electric.

“This agreement will allow LionCapital Solutions to leverage Mitsubishi’s vehicle financing expertise and capital to provide Lion customers with financing solutions,” said William Blanchard, Head of LionCapital Solutions.

“As an organisation 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,” added François Nantel, President of Mitsubishi HC Capital Canada.

Lion shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV following its IPO in 2021. Apart from Canada, the company builds vehicles at a new plant in Illinois, USA, which opened in late 2022.

The company offers Class 6 to 8 electric trucks and is known for its zero-emission school buses. Amazon awaits delivery of up to 2,500 Lion EVs by 2025. In the meantime, Lion Electric has scored multiple electric school bus orders from all over North America. Both Canada and the US have launched funding programs to support the electrification of school buses across the continent.


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