Lightning eMotors Announces Production Launch of Next-Gen Lightning ZEV4™ Work Trucks

• Lightning's GM-based platform allows the production of highly customized all-electric work trucks
• Production launch of next-gen Lightning ZEV4 offers multiple vehicle types built on a proven platform

Lightning eMotors (NYSE:ZEV), a leading provider of zero-emission, medium-duty commercial vehicles and electric vehicle (EV) technology for fleets, announced today a production launch of its next generation General Motors (GM)-based Lightning ZEV4™ work trucks. This announcement follows the company's recent announcements of accelerated ZEV4 production to meet customer demands for Class 4 school buses and shuttle buses built on the same popular platform.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230615902967/en/

The versatile and reliable Lightning ZEV4™ platform from Lightning eMotors supports a wide range of vocational vehicle types for fleets and small companies who are looking to electrify their operations. (Image: Lightning eMotors)

Lightning is offering the ZEV4 for several vehicle applications, including, but not limited to box trucks, stake bed trucks, utility trucks, dump bed trucks, and daily work/landscaping trucks, in addition to cargo delivery vehicles, shuttle buses, school buses and more.

"Success in the commercial vehicle electrification market frequently revolves around providing customized products to meet the specific use cases of customers. This is where we have carved our niche," said Lightning eMotors CEO Tim Reeser. "The fact that our trusted ZEV4 platforms can be built to accommodate such a broad set of applications is a huge benefit to our customers and positions Lightning well to be the vehicle manufacturer of choice for the growing medium-duty commercial vehicle market."

The versatile Lightning ZEV4 model comes equipped with 120 kWh batteries located safely within the frame rails, delivering 241 horsepower, 790 lb-ft of torque and up to 130 miles of range as well as improved weight distribution for better handling and improved safety. The Lightning ZEV4 is capable of Level 2 AC and 80kW DC fast charging.

To help accelerate fleet vehicle electrification efforts, a number of state and federal level funding programs are available across North America to help offset the cost significantly.

• In the United States, state-level programs, including California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), New York's Truck Voucher Incentive Program (NYTVIP), New Jersey's Zero-Emission Incentive Program (NJZIP), and Colorado's Clean Fleet Vehicle & Technology Grant Program, among others, can provide up to $100,000 in incentives per Class 4 vehicle.
• Federally, the United States' passing of the $1.2 trillion Infrastructure and Jobs Act, and incentives that are part of the 2022 Inflation Reduction Act – including the Commercial Clean Vehicle Credit – have provided billions in new funding for both commercial EV acquisition and EV infrastructure.
• Canadian incentive programs, including Incentives for Medium- and Heavy-Duty Zero-Emission Vehicles Program (iMHZEV), the Zero-Emission Transit Fund and the Zero Emission Vehicle Infrastructure Program, can not only help offset the cost of fleet vehicle electrification to nearly zero as many of these programs can be stacked, they also provide funding to accelerate the provision of EV charging solutions, both mobile (such as Lightning Mobile) and as installed infrastructure.

"There has never been a better time for Class 4 work truck operators to upgrade their fleets to zero-emission vehicle technology," said Lightning eMotors CRO Kash Sethi. "Aggressive funding programs – many of which can be stacked to optimize both purchase subsidies and tax incentives – combined with advanced data tracking and insights capabilities and the reliability and proven performance of our GM-based Lightning ZEV4 create a near-perfect environment for operators to act."

Lightning's ZEV4 platform is compatible with a variety of bodies from manufacturers including, but not limited to, Knapheide, Rockport Trucks, Brown Industries, and Morgan Corporation. At current production volumes, ZEV4 work trucks are typically available for delivery four-to-six months from the order date.

To learn how to electrify your work truck fleet with Lightning eMotors, please visit lightningemotors.com.

About Lightning eMotors

Lightning eMotors (NYSE:ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission-vehicle (ZEV) solutions for commercial fleets since 2018. In that time, we have deployed a variety of vehicle classes and applications including but not limited to cargo and passenger vans, ambulances, transit and shuttle buses, school buses, specialty work trucks, and electric powertrains for school buses, transit buses and motor coaches. The Lightning eMotors team designs, engineers, customizes, and manufactures zero-emission vehicles to support the wide array of fleet customer needs with a full suite of control software, telematics, analytics, and charging solutions to simplify the buying and ownership experience and maximize uptime and energy efficiency. To learn more, visit our website at https://lightningemotors.com.

Forward-Looking Statements

Except for historical information herein, matters set forth in this press release are forward-looking within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements about the commercial and technology progress and future financial performance of Lightning eMotors, Inc. These forward-looking statements are identified by the use of words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "expand," "enable," "might," "potential," "should," "would" among others. Forward-looking statements in this press release are subject to certain risks and uncertainties inherent in the company's business that could cause actual results or outcomes to vary, including, but not limited to, risks related to Lightning eMotors' operations and business and financial performance; the ability of Lightning eMotors to execute on its business strategy and grow demand for its products and revenue; potential increases in costs or shortage of raw materials; market acceptance of new product offerings; and other risks more fully described in Lightning eMotors' filings with the Securities and Exchange Commission from time to time. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all. Lightning eMotors undertakes no obligation to update any forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230615902967/en/