Lordstown Motors Gets New Order for 14,000 Pickups
LORDSTOWN, Ohio — Amid gains in the stock market last week as Lordstown Motors affirmed it’s on track to begin production of the Endurance in September, the company received another letter of intent for bulk purchases of the all-electric pickup.
Lordstown Motors closed Dec. 24 with a share price of $21.74, up from $19.35 on Dec. 21. The share price enjoyed a bump after an SEC filing on Dec. 21 that reported it has received 80,000 non-binding reservations for the Endurance.
The automaker stated it remains on track to begin production of the Endurance in September 2021.
On Christmas Day, the company received another boost when E Squared Energy Advisors signed a letter of intent to purchase 14,000 Endurance pickups ibeginning with its first production in 2021.
The Texas-based E Squared Energy Advisors is an energy management provider for the commercial, industrial and municipal energy markets, according to its website.
“Partnering with fleet customers that not only understand the specs of the truck, but also the long-term value provided to the communities being serviced, speaks to the evolution of the automotive industry and the way work is done,” said Steve Burns, Lordstown Motors CEO. “This letter of intent for the Endurance positions E Squared Energy to integrate sustainable energy systems into every element of their business structure.”
The LOI ensures E Squared will be among the first commercial fleet customers to receive delivery of the Endurance when full scale production begins.
E Squared is launching a 100% renewable microgrid technology to offer “resiliency and reliability from the grid” with the ability to provide clean and reliable green eMobility power via Lordstown Motors and the Endurance, according to the release. E Squared says this will allow public and private sector fleets to enjoy low-cost operation and help meet their fleet sustainability goals.
“We’re extremely pleased to partner with Lordstown Motors and their Endurance line of EV fleet vehicles to offer a complete eMobility Transportation solution that is clean, 100% renewable and that will be accessible to municipalities and the private sector across North America,” said Tim Grosse, CEO of E Squared. “This is exactly the type of strategic partnership needed to transition into a clean, non-polluting EV transportation system of the future in a way that provides affordable fleets and advanced microgrid charging stations to forward thinking organizations that wish to lower their C02 footprint while maintaining within their budget.”
On Dec. 18, E Squared hosted Lordstown Motors executives and the Endurance pickup at its Frisco headquarters. Through its “pay-as-you-go” transportation model, it’s working with cities, municipalities and private companies to convert their fleets to zero-emission.
The program includes charging station infrastructure, on-site renewable microgrid energy production, vehicles and maintenance over the life of the contract, the CEO said.
“We have more than $8 billion in capital backing from the world’s largest institutional green investors earmarked for this program,” Grosse said.
The visit to E Squared came just days after Lordstown Motors announced a partnership with Camping World to establish a national service infrastructure for the Endurance.
Endurance owners would be able to get their vehicles serviced by Camping World, which has 170 locations, nearly 2,000 service bays, a call center, nationwide roadside assistance and four distribution centers that ship parts across the country.
In addition, Camping World and its manufacturing partners will work with Lordstown Motors to bring electrification to travel trailers and motor homes, the companies said.
Published by The Business Journal, Youngstown, Ohio.