Lightning EMotors, Ricardo Partner To Provide Commercial EVs To UK Customers

Ricardo and Lightning EMotors Inc ZEV have entered into a strategic partnership agreement to deploy vehicles in the U.K.
Under the agreement Lightning EMotors will build fully electric powertrains at their 231,000 square foot facility in Loveland, Colorado, for shipment to the U.K.
Ricardo will assemble and integrate those powertrains into medium-duty commercial fleet vehicles at one of its manufacturing facilities in the U.K.
"The UK market is especially well-suited for commercial vehicle electrification because the return on investment for fleets is so fast," said Tim Reeser, CEO of Lightning EMotors.
BP PLC's BP bp Ventures, Lightning's largest investor, will provide fleet management expertise through bp Pulse, an electric vehicle charging company in the U.K.
Price Action: ZEV shares are trading higher by 1.32% at $8.44 on the last check Tuesday.