Shares of electric vehicle maker Lightning eMotors, Inc. (ZEV) are up more than 4% Monday morning on the news of its deal with Coulomb Solutions, Inc. (CSI), a distributor of Chinese battery maker Contemporary Amperex Technology Co. Limited (CATL).
The 2-year agreement with Coulomb Solutions is to purchase 175 megawatt-hours of CATL battery products.
The company expects Vehicle production with CATL packs to begin in March 2022.
“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.
ZEV is at $6.42. It has traded in the range of $5.84- $17.36 in the last 52 weeks.
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