LION ELECTRIC CHOSEN FOR V2X COLLABORATION WITH US DEPARTMENT OF ENERGY AND INDUSTRY LEADERS TO DEVELOP TWO-WAY CHARGING INFRASTRUCTURE

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JOLIET, Ill., April 27, 2022 /PRNewswire/ – Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion” or the “Company”), a leading manufacturer of all-electric medium and heavy-duty vehicles, announced that the company has signed a Memorandum of Understanding (MOU) with the US Department of Energy (DOE), aimed at accelerating the development and deployment of vehicle-to-everything (V2X) technologies. Lion was the only school bus manufacturer selected by the DOE to sign the agreement.

Lion Electric Co. logo (CNW Group/Lion Electric)

Under the MOU, Lion will work with more than a dozen industry leaders, including utilities, OEMs, government agencies, industry labor organizations and the DOE to explore collaboration the development and integration of two-way electric vehicle (EV) charging infrastructure into the national energy grid. The MOU will also cover the development of cybersecurity related to the deployment of V2X technologies, including vehicle-to-network (V2G), vehicle-to-building (V2B) and vehicle-to-cargo (V2L) functionality.

“As we transition to decarbonized transport and energy sectors, heavy-duty electric vehicles with large battery capacities are likely to play an important role in balancing an increasingly renewable electricity grid. connected vehicles, V2G and V2X technologies are poised to create a transportation industry that is safer, more efficient, highly optimized and, most importantly, zero emissions – and Lion is pleased to partner with the U.S. Department of Energy and industry leaders to help us get there,” said Marc-Andre Pagevice president of business operations at Lion Electric.

With their large energy storage capacity, heavy electric vehicles have the potential to function as distributed storage on the energy grid – which is likely to become increasingly important as energy sectors around the world transition to renewable energy sources. V2G and V2X technologies promote grid resilience by reducing the strain on the grid when renewable energy generation is at its peak, with the ability to re-export that energy when generation declines, thereby reducing dependence on fossil fuels and promoting national energy independence.

Lion’s current line of all-electric heavy-duty trucks and buses are V2G-ready, and Lion is actively participating in pioneering V2G programs in North Americaincluding projects in New York and California where Lion’s all-electric school buses have successfully exported power to the grid. V2G offers operators the opportunity to further reduce their total cost of ownership by charging when electricity demand and prices are low, and exporting power back to the grid during peak demand when prices are higher .

About Electric Lion

Electric Lion is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to 8 urban commercial trucks as well as all-electric buses and minibuses for the school, adapted and collective segments. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicle components, including chassis, batteries, truck cabs and bus bodies.

Always actively seeking new and reliable technologies, Lion vehicles have unique characteristics specifically adapted to its users and their daily needs. Lion believes that the transition to all-electric vehicles will lead to major improvements in our society, our environment and our overall quality of life. Lion’s shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV.

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CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. All statements in this press release that are not statements of historical fact, including statements about Lion’s beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements can be identified by the use of words such as “believe”, “may”, “will”, “continue”, “anticipate”, “intend”, “expect”, ” should”, “should”, “could”, “plan”, “project”, “potential”, “seem”, “seek”, “future”, “target” or other similar expressions and any other statement that predicts or indicate future events or trends or are not statements of historical matters, although not all forward-looking statements contain such identifying words.

The Company has made a number of economic, market and operating assumptions in preparing and making certain forward-looking statements contained in this press release, including, but not limited to, that Lion will be able to retain and hire key personnel and to maintain relationships with customers, suppliers and other business partners, that Lion will continue to operate its business in the normal course, that Lion will be able to implement its growth strategy, that Lion will be able to successfully complete the construction of its United States manufacturing facility and its Quebec the Battery Plant and Innovation Center, that Lion will not experience any significant disruption in the supply of raw materials on competitive terms, that Lion will be able to maintain its competitive position, that Lion will continue to improve its controls operational, financial and other internal and systems to manage its growth and size and that its results of operations and financial condition will not be adversely affected, which Lion may benefit, directly or indirectly (including through its customers ), government grants and economic incentives in the future and that Lion will be able to obtain any additional financing required through equity or debt financing on terms acceptable to Lion. These estimates and assumptions are made by Lion in light of management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors deemed appropriate and reasonable under the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Lion believes that these risks and uncertainties include, but are not limited to, the following: any adverse changes in general economic, business, commercial, financial, political, and legal conditions in the United States and Canada, including as consequences of the global COVID-19 pandemic and the emergence of variants of COVID-19 and varying vaccination rates by country; Lion’s inability to successfully and economically manufacture and distribute its vehicles on a large scale and meet the business needs of its customers; Lion’s dependence on key management and any failure to attract and/or retain key personnel; Lion’s inability to execute its growth strategy; Any adverse fluctuations and volatility in the price of raw materials included in key components used to manufacture Lion’s products; Lion’s dependence on key suppliers and any inability to maintain an uninterrupted supply of raw materials; Lion’s inability to maintain its competitive position; Lion’s inability to reduce its supply costs over time; any failure to maintain and enhance Lion’s reputation and brand; any major product repair and/or replacement due to warranty claims or product recalls; any computer systems failures or cybersecurity and data privacy breaches or incidents; the reduction, elimination or discriminatory application of government subsidies and economic incentives or the reduced need for such subsidies; natural disasters, epidemics or pandemics, boycotts and geopolitical events; the outcome of any legal proceedings that may be brought against the Company from time to time.

These and other risks and uncertainties relating to Lion’s business are further described in the section entitled “Risk Factors” not relating to an investment in the Company’s final prospectus dated May 5, 2021 (the “Canadian Prospectus”) filed with the Autorité des marchés financiers (the “AMF”) and the registration statement on Form F-1 (the “Registration Statement”) filed with the Securities and Exchange Commission (the “SEC”) and declared effective on June 14, 2021 and other documents publicly filed with the AMF and the SEC. Many of these risks are beyond Lion’s management’s ability to control or predict. All forward-looking statements attributable to Lion or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements contained and the risk factors identified in the Canadian Prospectus, Registration Statement and other documents filed with the AMF and the SEC.

Because of these risks, uncertainties and assumptions, readers should not place undue reliance on these forward-looking statements. Further, forward-looking statements speak only as of the date they are made. Except as required by applicable securities laws, Lion undertakes no obligation, and expressly disclaims any obligation, to update, revise or review any forward-looking information, whether as a result of new information, future events or otherwise.

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SOURCE Electric Lion

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