The path toward clean energy is not always paved smooth.
For the Lion Electric Company, it’s been a bumpy road.
Founded in 2008 by former Corbeil executives Marc Bédard and Camile Chartrand as Autobus Lion, the Quebec company began developing fully electric school buses, unveiling a range of new products over the years.
For example, there is the LionBus, which offers an electric drivetrain for both Type C and Type D school buses.
There’s also a lineup of LionTrucks, from class five through eight.
The fleet is powered by the company’s proprietary LionBattery technology.
And Lion’s lineup of vehicles is supported by a suite of services, including technical support, training programs for mechanics and drivers, and customized financing solutions.
But, despite hefty investment from government bodies, financial struggles compounded until Lion Electric defaulted on a massive loan in 2024, resulting in the termination of nearly 1,000 workers. The company’s stock plunged by 99%.
This month, however, a consortium of investors has acquired Lion with plans to give new life to the electric bus maker.
The investors include Pierre Wilkie, a director of the company, and Vincent Chiara, president of Montreal real estate developer Groupe MACH.
While the government refused to invest more in Lion (after an alleged lost of $140M on their original investment), Quebec’s overall goals around clean energy still align with Lion’s business.
For example, the Province wants to electrify 65% of its school bus fleet by 2030. Currently there are just 1,600 electric school buses in Quebec—mostly made by Lion—out of a total fleet of 11,500.
And moving forward, the government is enhancing a subsidy program for electric school buses, offering rebates of $240,000 per Canadian-made vehicle, which could help Lion find profitability.
Shares in Saint-Jérôme’s Lion Electric are up more than 50% over the past few days.