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Cordes & Company, in its capacity as receiver of Lightning eMotors, entered into an Asset Purchase Agreement to sell substantially all of the assets of the company for $12.6 million in cash, subject to adjustment.
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President Biden’s Bipartisan Infrastructure Law, invests $5.6 billion to support the purchase of cleaner American-made transit buses, train the transit workforce, and upgrade fueling and maintenance infrastructure.
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The acquisition, which was made at a purchase price of $210 million before adjustment for inventory level at closing and was first announced in November, includes a development center for battery modules and packs in California and an assembly factory in Greer, S.C.
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Business is expected to be substantially completed by the end of fiscal year 2024, once existing customer orders are completed and delivered, according to the company.
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METRO's Innovative Motorcoach Operator of the Year focuses on technology and empowering people to drive its vision at six separate and environmentally diverse operations.
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The significant step toward sustainable transit comes after the bus underwent rigorous testing last year.
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The acquisition will add heavy-duty transit buses to Phoenix's existing product line of medium-duty shuttle and school buses.
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As part of BIL, the Administration made several investments, including upgrading rail service on the Northeast Corridor, reducing Amtrak and commuter rail delays for over 200 million trips annually.
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Most recently, Inez Evans was the first black female president and CEO of IndyGo, the largest transit agency in Indiana, where she was a champion for BRT and zero-emission buses.
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The first wave of buses, and the additional 56 to be built and delivered over the next four years, will replace older diesel-fueled models that are aging out of the PSTA fleet.
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