Lightning eMotors shot up as much as 89% on Tuesday after the electric-vehicle maker signed a $850 million partnership deal with a Berkshire Hathaway-backed bus maker.- Lightning will work with
Forest River to deliver up to 7,500 zero-emission buses. - The company's stock hit its highest price since going public in May through a SPAC deal.
Shares of Lightning eMotors rose as much as 89% on Tuesday, hitting their highest level since going public via SPAC, after entering a $850 million partnership deal with a Berkshire Hathaway-backed bus maker.
Lightning eMotors and will work with Forest River, the largest shuttle-bus maker in North America, to deliver up to 7,500 zero-emission shuttle buses in the US and Canada starting this year to 2025.
Lightning shares pared from intraday highs and traded roughly 67% higher as of 2:30 p.m. in New York.
The EV maker will build fully electric powertrains at its Loveland, Colorado, facility, and provide charging products and services to Forest River. The powertrain systems will then be shipped to Forest River's factory in Goshen, Indiana, where final assembly will take place for Class 4 and 5 electric passenger buses.
The buses will have batteries that can support ranges on a single charge between 80 miles and 160 miles, the companies said in a joint statement. Forest River runs more than 100 bus dealerships in the US and Canada and the vehicles may be sold and serviced there, with the aim to deliver the new shuttle buses to dealerships by the end of 2021.