LION ELECTRIC COMPLETES SALE-LEASEBACK TRANSACTION FOR MIRABEL BATTERY MANUFACTURING BUILDING

MONTREAL, Feb. 2, 2023 /PRNewswire/ - The Lion Electric Company (NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, today announced that it has completed a sale-leaseback transaction with BTB Real Estate Investment Trust (TSX: BTB.UN) for its battery manufacturing building located in Mirabel, Quebec for a total purchase price of C$28 million. The proceeds from the transaction will be used by the Company to repay amounts outstanding under its revolving credit facility and to fund transaction expenses.

Concurrent with the sale, Lion entered into a lease agreement with BTB for the Mirabel battery manufacturing building, with an initial 20-year term and subsequent renewal options. The transaction is not expected to impact Lion's operation of the battery facility, and it does not cover the innovation center building which remains the property of Lion.

RBC Capital Markets acted as exclusive real estate advisor to Lion in connection with the transaction.

Lion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit and mass transit segments. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles' components, including chassis, battery packs, truck cabins and bus bodies.

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

SOURCE Lion Electric

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