JOLIET, Ill. - The Lion Electric Company (NYSE: LEV) (TSX: LEV), known for manufacturing all-electric urban vehicles, has announced its electric school buses are now included in Dominion Energy's Electric School Bus Infrastructure program in Virginia. This initiative is part of a broader effort to support the transition to electric school bus fleets within the state's public school districts.
Dominion Energy, a significant electricity provider in Virginia, is collaborating with school districts that have received funding from the Environmental Protection Agency's Clean School Bus program. The energy company is assisting with the installation of fast-charging infrastructure, while also facilitating the integration of vehicle-to-grid (V2G) technology. This tech enables electric buses to contribute to the electrical grid during peak demand times when not in use for transportation.
Marc-Andre Page, Chief Customer Officer at Lion Electric, expressed the company's readiness to support Virginia's school districts, citing over 15 years of experience in developing electric school buses equipped with V2G capabilities. Dominion Energy's Director of Electrification, Courtney Young, highlighted the company's commitment to clean pupil transportation and their efforts to support school districts in electrification.
The collaboration between Lion Electric and Dominion Energy complements the federal EPA's Clean School Bus Program, which is expected to allocate $5 billion over five years to boost the adoption of electric school buses nationwide.
School districts looking to acquire electric school buses are offered comprehensive support from Lion Electric, including assistance with charging infrastructure, financing, funding, training, and telematics through various divisions of the company.
This partnership aims to further the adoption of zero-emission vehicles in school transportation, aligning with Lion Electric's vision for a society improved by the transition to electric vehicles. The company's shares are publicly traded on both the New York Stock Exchange and the Toronto Stock Exchange.
This announcement is based on a press release statement and provides a factual overview of the new eligibility of Lion Electric's school buses for Dominion Energy's infrastructure program in Virginia.
In other recent news, Dominion Energy has seen significant developments. The Nuclear Regulatory Commission (NRC) extended the operating licenses of the North Anna Power Station's two nuclear reactors, allowing them to continue operations until 2058 and 2060. Dominion Energy also reported Q2 earnings per share (EPS) of $0.65, surpassing both BMO Capital's and consensus estimates of $0.57. This performance led BMO Capital Markets to raise its price target on Dominion from $53.00 to $57.00, while maintaining a Market Perform rating.
Furthermore, Dominion Energy and its subsidiary, Virginia Electric and Power Co, secured offshore wind leases in a recent U.S. government auction. The company also issued $1.2 billion in senior notes, a transaction expected to be used for general corporate purposes. Additionally, Dominion Energy has expanded its offshore wind capacity with a new lease, acquiring the rights to a 176,505-acre lease area off the coast of Virginia Beach.
Evercore ISI maintained an In Line rating and a $56.00 price target for Dominion Resources (NYSE:D), following a tour of the company's Charybdis vessel in Brownsville, Texas. The construction of the vessel is a top priority for the company, with a focus on completing it on time and within budget. Dominion Resources is on track to complete the construction of the vessel between late 2024 and early 2025, which will then support the completion of the Coastal Virginia Offshore Wind (CVOW) project by the end of 2026. These are the recent developments in the company's operations.
InvestingPro Insights
As The Lion Electric Company (LEV) advances in its collaboration with Dominion Energy to electrify school bus fleets in Virginia, the company's financial health and market performance provide a backdrop for potential investors. According to InvestingPro data, Lion Electric has a market capitalization of $48.23 billion, which underscores its significant presence in the electric vehicle market. The company's P/E ratio stands at 30.35, reflecting investor expectations of future earnings growth. Moreover, Lion Electric's shares have been trading near their 52-week high, with a price that is 99.58% of this peak, indicating strong market confidence.
InvestingPro Tips suggest that Lion Electric operates with a significant debt burden, which is an important consideration for stakeholders. However, the company has maintained dividend payments for 42 consecutive years, demonstrating a commitment to returning value to shareholders. For readers interested in a deeper dive into Lion Electric's financials and analyst forecasts, InvestingPro offers additional insights and tips. As of now, 4 analysts have revised their earnings expectations downwards for the upcoming period, which could be a factor to watch closely.
With the company's profitability over the last twelve months and a large price uptick over the last six months, the outlook for Lion Electric is nuanced. Investors and stakeholders can find further analysis and over 30 additional InvestingPro Tips for The Lion Electric Company at InvestingPro.
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