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Lion Electric Company (NYSE:LEV) (TSX:LEV) ("Lion" or the "Company"), a leading manufacturer of all-electric medium and heavy-duty vehicles, has announced that the company has signed a Memorandum of Understanding (MOU) with the U.S. Department of Energy (DOE), aimed at accelerating the development and deployment of vehicle-to-everything (V2X) technologies. Lion was the only school bus manufacturer selected by the DOE to sign onto the agreement.
Under the MOU, Lion will collaborate with over a dozen industry leaders including utilities, OEMs, government agencies, industry labor organizations and the DOE to collaboratively explore the development and integration of bidirectional electric vehicle (EV) charging infrastructure into the nation's energy grid. The MOU will also focus on the development of cybersecurity related to the deployment of V2X technologies, including vehicle-to-grid (V2G), vehicle-to-building (V2B) and vehicle-to-load (V2L) functionalities.
"As we transition to decarbonized transportation and energy sectors, heavy-duty electric vehicles with large battery capacities are likely to play an important role in balancing an increasingly renewable power grid. Connected vehicles, V2G and V2X technologies are poised to create a transportation sector that is safer, more efficient, highly-optimized, and most importantly, zero-emission -- and Lion is pleased to be collaborating with the U.S. Department of Energy and industry leaders to help get us there," said Marc-Andre Page, Vice President of Commercial Operations at Lion Electric.
With their large energy storage capacity, heavy-duty electric vehicles have the potential to function as distributed storage on the energy grid – which is likely to become increasingly important as energy sectors around the world transition to renewable energy sources. V2G and V2X technologies promote grid resiliency by reducing the strain on the grid when renewable energy production is at its peak, with the potential to export this energy back when production decreases – ultimately reducing reliance on fossil fuels and promoting domestic energy independence.
Lion's current lineup of all-electric heavy-duty trucks and buses are V2G ready, and Lion is actively participating in pioneering V2G programs in North America, including projects in New York and California where Lion's all-electric school buses have successfully exported energy back to the grid. V2G gives operators the potential to further lower their total cost of ownership by charging when demand and electricity prices are low, and exporting energy back to the grid during peak demand when prices are higher.
