Lordstown Motors Corp. Receives Letter of Intent from Florida-Based Innervations to Broker 1,000 Lordstown Endurance Electric Pickup Trucks
Lordstown Motors Corp. Receives Letter of Intent from Florida-Based Innervations
to Broker 1,000 Lordstown Endurance Electric Pickup Trucks
LORDSTOWN, OH – April 7, 2020 – Lordstown Motors Corp., a new Ohio-based original equipment manufacturer of light duty fleet vehicles, has received a Letter of Intent from Innervations, a Florida-based company specializing in fast DC and Level II EV chargers, to broker 1,000 Lordstown Endurances to their clients to convert their company fleets to electric vehicles. With their innovative EVEN Recharge branded Level 2 / DC fast charging stations, and cloud-based management system, Innervations has created an EV Fleet Program to assist corporations in converting their existing gas or diesel fleets to all-electric vehicles.
Lordstown Motors Corp. has now received letters of intent from customers across the country, including government entities, fleet management organizations, construction companies, security companies, landscapers and grounds crews, and those working in the fields of steel, natural gas, oil and petroleum.
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About Lordstown Motors Corp.
Lordstown Motors Corp. (LMC) is an Ohio-based original equipment manufacturer (OEM) of light duty fleet vehicles, founded by CEO Steve Burns with the purpose of transforming Ohio’s Mahoning Valley and Lordstown, Ohio into the epicenter of electric-vehicle manufacturing. On November 7, 2019, LMC acquired the 785 acre, 6.2 million square foot GM Assembly Plant in Lordstown, Ohio from General Motors where they will build the Lordstown Endurance™, believed to be the world’s first fully-electric pickup truck.
In 2020, LMC will complete the engineering and development of the Endurance. Designed to serve the commercial pickup truck market, the Endurance will be the first production vehicle that utilizes a 4-wheel-drive hub-motor system, a design that reduces the number of moving parts. With its hub motor design, Lordstown engineers have set out to re-invent the electric vehicle.
The Endurance pickup truck is designed with features fleets want, like an onboard power export, allowing workers to run power tools at the job site without the need for a portable generator or leaving the truck running. Fleet managers benefit from less breakdowns, lower maintenance, and most importantly, lower cost. The overall benefit is an attractive Total Cost of Ownership (TCO), which translates into a significantly lower lifetime operational cost compared to traditional pickup trucks.
The Lordstown Endurance is engineered to be lightweight, with all-wheel drive and a low center of gravity, while maintaining ground clearance. Lordstown Motors has set a goal to make the Endurance pickup truck the safest, most economical, and greenest electric pickup truck ever built. The Endurance will be manufactured and assembled at the Lordstown Facility.
For additional information, visit www.lordstownmotors.com<http://www.lordstownmotors.com>.
Forward Looking Statement
This press release includes forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein. Factors that could cause actual results to differ materially include, but are not limited to: our limited operations and need to expand in the near future to fulfill product orders; risks associated with obtaining orders and executing upon such orders, the ability to protect our intellectual property; the potential lack of market acceptance of our products; potential competition; our inability to retain key members of our management team; our inability to raise additional capital to fund our operations and business plan; our inability to maintain our listing of our securities on the Nasdaq Capital Market; our ability to continue as a going concern; our liquidity and other risks and uncertainties and other factors discussed from time to time in our filings with the Securities and Exchange Commission (“SEC”), including our annual report on Form 10-K filed with the SEC.
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