Lightning eMotors Announces Strategic EV Battery Partnership for Supply of CATL Battery Systems

• Lightning eMotors signs two-year agreement to purchase 175 megawatt-hours (MWh) of CATL battery products
• CATL products chosen due to their proven track record for safety, reliability, and long life-cycle
• Agreement further diversifies Lightning eMotors’ battery pack options, enhancing the company’s ability to produce and deliver new vehicles at a faster pace
• Lightning eMotors working with CATL and CSI to design and install contactor safety switch systems on C- and G-battery pack, exclusive to Lightning eMotors
• Vehicle production with CATL packs is expected to begin in March 2022

Lightning eMotors (NYSE: ZEV), a leading provider of medium- and heavy-duty specialty commercial electric vehicles for fleets, has reached an agreement to supply battery products produced by Contemporary Amperex Technology Co. Limited (“CATL”), a global leader of new energy innovative technologies.

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Battery packs from CATL will start to be installed in Lightning’s commercial EVs in the Spring of 2022 (Photo: Lightning eMotors / D. Bennett)

The two-year agreement with CATL distributor Coulomb Solutions, Inc. (CSI) provides Lightning eMotors with additional optionality around form factor. Having several battery size and shape options enables Lightning to address a variety of use cases and better meet customer requirements, which is critical to their goal of providing highly customized zero-emission commercial vehicles.

"CATL has a proven lineup of battery pack configurations that will provide us with additional flexibility for our wide range of medium- and heavy-duty zero-emission commercial electric vehicles,” said Chelsea Ramm, Lightning eMotors’ vice president of global supply chain. “CATL’s mature product portfolio, combined with our existing and ongoing partnerships, provides us with several efficient battery pack options as we work with customers to configure the right vehicles to fit their needs.”

CATL battery products will be available to Lightning in two pack options – a 30 kWh battery and 35 kWh battery – for a total of more than 175 megawatt-hours of battery capacity.

Additionally, Lightning eMotors is working with CATL and CSI to design and install contactor safety switch systems on CATL C- and G-battery packs that will be exclusive to Lightning-eMotors. These switch systems will allow first responders to easily disable the vehicle’s entire EV powertrain in the event of an accident.

Production of vehicles using CATL battery packs is expected to begin in March and will help Lightning eMotors fulfill a wide range of customer orders in 2022.

“This new partnership with CSI providing CATL’s advanced battery systems represents a significant step forward with our battery sourcing plan and provides us with an even greater ability to quickly provide our customers with zero-emission vehicles that meet their expectations,” said Lightning eMotors CEO Tim Reeser. “CATL has established itself as a respected industry leader, and our exclusive safety feature innovations mean Lightning eMotors customers are getting unique and best-in-class vehicles.”

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 – including Class 3 cargo and passenger vans, ambulances, Class 4 and 5 cargo vans and shuttle buses, Class 4 Type A school buses, Class 6 work trucks, Class 7 city buses, and Class A 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.

About Contemporary Amperex Technology Co., Limited

Contemporary Amperex Technology Co., Limited (CATL) is a global leader in new energy technology innovation, committed to providing premier solutions and services for new energy applications worldwide. In June 2018, the company went public on the Shenzhen Stock Exchange with stock code 300750. According to SNE Research, in the year 2020, CATL’s EV battery consumption volume ranked No. 1 in the world for four consecutive years. CATL also enjoys wide recognition by global OEM partners. To achieve the goal of realizing fossil fuel replacement in stationary and mobile energy systems with highly efficient electrical power systems that are generated through advanced batteries and renewable energy, and promote the integrated innovation of market applications with electrification and intelligentization, CATL maintains continuous innovation in four dimensions including battery chemistry system, structure system, manufacturing system and business models. For more information, please visit https://www.catl.com/en/.

About Coulomb Solutions Inc. (CSI)

CSI provides high quality, proven components to the North American commercial electric vehicle market at wholesale prices. The company’s goal is to enable rapid adoption of electric drive systems in commercial trucks, buses, vans, locomotives and marine applications. As its cornerstone, CSI is the authorized North American distributor of commercial vehicle batteries for CATL, the largest Li-Ion battery designer and manufacturer in the world. CATL’s batteries currently power over 350,000 buses and trucks in daily operation in demanding environments and terrain with some of the largest commercial fleets. CSI also has a line of highly proven accessory components for commercial electric vehicles including battery heating and cooling systems, electric air conditioning compressors, electric cab heaters, electric steering pumps, electric air compressors for braking, accessory inverters and onboard AC and fast DC Chargers. See how CSI is enabling commercial vehicle electrification on our web site at www.coulombsolutions.com.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. Such forward-looking statements include, but are not limited to, statements regarding the anticipated types of battery packs and kilowatt-hours of battery capacity to be provided under Lightning eMotors’ agreement with CATL/CSI, whether the agreement will further Lightning’s ability to install a contactor safety switch system on some or all battery packs, the potential impact on Lightning eMotors’ ability to meet its customers’ expectations, the expected production date for the battery packs or delivery date for customer orders, and its expectations, hopes, beliefs, intentions, plans, prospects or strategies regarding the future business plans of Lightning eMotors. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on certain assumptions and analyses made by the management of Lightning eMotors in light of their respective experience and perception of historical trends, current conditions and expected future developments and their potential effects on Lightning eMotors as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting Lightning eMotors will be those anticipated. These forward-looking statements contained in this press release are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or outcomes to be materially different from any future results or outcomes expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and other factors include, but are not limited to: (i) the actual number of batteries received from CATL under our agreement and their successful integration into our products, (ii) those related to our operations and business and financial performance; (iii) our ability to execute on our business strategy and grow demand for our products and our revenue; (iv) our ability to maintain the supply of necessary components from third-party suppliers; (v) the potential severity, magnitude and duration of the COVID-19 pandemic as it affects our business operations, global supply chains, financial results and position and on the U.S. and global economy; (vi) current market conditions and federal, state, and local laws, regulations and government incentives, particularly those related to the commercial electric vehicle market; (vii) the size and growth of the markets in which we operate; (viii) the mix of products utilized by our customers and such customers’ needs for these products; and (ix) market acceptance of new product offerings and whether this will be a catalyst for others to purchase electric vehicles. Moreover, we operate in a competitive and rapidly changing environment, and new risks may emerge 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. Should one or more of these risks or uncertainties materialize or should any of the assumptions being made prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

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