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.
The lithium-iron-phosphate battery technology, produced by Cummins, Daimler Trucks, and Paccar, will be able to offer several advantages compared to other battery chemistries, including lower cost, longer life, and enhanced safety, according to the companies.
The move is an effort to strengthen its financial position through a recapitalization, or going-concern sale, according to the company.
By achieving this end-to-end production milestone at Powered 1, the company is expected to begin deliveries to customers of Proterra Powered™ battery systems from the new battery factory in the first quarter of 2023.
Under a new, multi-year supply agreement, Proterra battery systems will power the Vicinity Lightning 28-foot electric transit bus and Vicinity’s strip chassis platform to support several commercial vehicle configurations such as shuttle buses, utility trucks, and box trucks.
The company has committed to a minimum investment of at least $76 million, with additional investments planned over the next several years, and expects to create more than 200 new jobs over the next several years at the 327,000 square foot battery system production plant.
Lightning eMotors has signed a two-year agreement to purchase 175 megawatt-hours (MWh) of CATL battery products.
Financing covers new and pre-owned buses and coaches, infrastructure development (including hardware, software, and support services offered by NFI Infrastructure Solutions), and vehicle batteries.
With available configurations of 490 kWh, 588 kWh, and 686 kWh, together with the largest selection of available charging options, GILLIG can configure the bus to meet any agency’s requirements.
The six new S700 streetcars join Charlotte’s current light rail fleet of 42 S70 light rail vehicles.
media brand
The secure and easy all-access connection to your content.
Bookmarked content can then be accessed anytime on all of your logged in devices!
Already a member? Log In
