Vicinity Motor Corp. Announces Strategic Supply Agreement with Electrovaya for Lithium Battery Systems for Vicinity Lightning™ EV buses and fully electric VMC 1200 Class 3 trucks.

Company: Vicinity Motor Corp(formerly Grande West Transportation )
Listings :TSXV , NASDAQ
Ticker: VMC.V & VEV
Market cap at time of publication: $217MCAD
Stock price at time of publication: $7,05 CAD ( reverse split price 2,35 CAD)
Business: Leading supplier of electric, CNG, gas and clean-diesel buses for
both public and commercial enterprise use in the U.S and Canada
Comparable peer : Greenpower Motor , Market cap $350 MCAD

Electrovaya to provide Lithium-ion battery systems for Vicinity electric vehicles

ESG comment: We are very pleased to see that Vicinity Motor Corp has secured a supplier of batteries in North America. This will surely enable for a smoother production. It yet remains to be seen which consequenses this will have for the current battery supplier Lion E-Mobility in Germany.

VANCOUVER, BC – October 13, 2021 – Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) (“Vicinity Motor,” “Vicinity” or the “Company”), a leading North American supplier of commercial electric vehicles,  today announced the formation of a strategic supply agreement with Electrovaya Inc. (TSX:EFL) (OTCQB:EFLVF) (“Electrovaya”) for the supply of battery systems for the Company’s line of Vicinity Lightning™ EV buses and fully electric VMC 1200 Class 3 trucks.

Electrovaya is a leader in the global energy transformation, focused on contributing to the prevention of climate change through its efforts to supply safe and long-lasting Lithium-ion batteries. Electrovaya designs, develops and manufactures Lithium-ion batteries, battery systems and battery-related products for energy storage, clean electric transportation and other specialized applications.

The agreement provides Vicinity with Lithium-ion battery systems that utilize the latest Electrovaya NMC ceramic lithium-ion battery technologies and will support full integration within Vicinity’s line of vehicles.

“Our decision to collaborate with Electrovaya as a strategic supplier followed rigorous engineering and due diligence activities,” said William Trainer, Founder and Chief Executive Officer of Vicinity Motor. “Sales momentum for our Vicinity Lightning™ EV lines of buses and our new fully electric VMC 1200 Class 3 Truck continues to scale, and this agreement secures our supply chain for the crucial battery component of our platforms. The Electrovaya batteries will provide confidence with prospective customers with a superior lifecycle performance and peace of mind with respect to safety.”

“Vicinity customers using the Electrovaya battery system will experience best-in-class performance with our leading-edge technology,” said Sankar Das Gupta, President and Chief Executive Officer of Electrovaya. “Our partnership will bring together two leaders in commercial and public vehicle electrification and deliver models at a price point suitable for mass deployment across small and large fleets. Vicinity Motor Corp. offers a highly competitive lineup of electric vehicles for the North American market and we expect our battery systems to help provide an additional competitive advantage to improve their adoption.”

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