GigCapital3 (NYSE:GIK) stock was bumped up on Wednesday following news from the special purpose acquisition company’s (SPAC) merger target Lightning eMotors.
Lightning eMotors revealed today a new Transit Class 3 van that will hit the roads in the second quarter of 2021. The company’s new EV van can get power from batteries or fuel cells. They also sport a range of up to 250 miles.
Lightning eMotors is offering several variants of the EV van for different markets. These include “passenger van, cargo van, school bus, ambulance and RV configurations.” This is the fourth generation of the company’s EV van.
Tim Reeser, CEO of Lightning eMotors, said this about the news today.
“Used extensively by commercial and government fleets, Class 3 vehicles, such as passenger vans, cargo vans and ambulances, are ripe for electrification. Class 3 vehicles have an extended wheelbase and expanded cargo and payload capacity and are commonly used by mid-to-large-sized fleets.”
Lightning eMotors’ EV vans are manufactured at its factory in Loveland, Colo. The company is planning to reach production of 1,000 units per year in 2021. It has plans to further expand these capabilities so that it can produce 20,000 vehicles a year by 2025.
Lightning eMotors announced plans to go public via a SPAC merger with GigCapital3 last week. Investors that want to know more about the plans to take the company public can follow this link for all the details.
GIK stock was up 2.1% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.