After a partnership agreement worth $850 million with Berkshire Hathaway, Lightning eMotors saw its stock rise as high as 89% Tuesday.
Lightning and Forest River will collaborate to deliver as many as 7,500 zero emission buses.
Through a SPAC deal, the stock reached its highest price since May when it went public.
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After entering a partnership agreement worth $850 million with a Berkshire Hathaway bus manufacturer, shares of Lightning eMotors soared as high as 89% Tuesday. This was their highest level since they went public via SPAC.
Lightning eMotors will partner with Forest River, North America's largest shuttle-bus manufacturer, to deliver as many as 7,500 zero-emission shuttle busses in the US and Canada from this year through 2025.
Lightning shares fell from intraday highs, and traded approximately 67% higher at 2:30 p.m. New York.
Forest River will be able to purchase charging products and services and build fully-electric powertrains at the EV manufacturer's Loveland, Colorado facility. The powertrains will be shipped to Forest River’s Goshen, Indiana factory for final assembly of Class 4 and 5 electric passenger busses.
According to a joint statement, the buses will be equipped with batteries that can provide ranges of between 80 and 160 miles on a single charge. Forest River has more than 100 bus dealers in the US and Canada. The vehicles could be sold and serviced at those locations. Forest River plans to deliver the new shuttle buses by 2021.