Lion will use the $50 million to pay down debt, while ADM creates a “brand new aerospace innovation centre.”
Facing significant financial difficulties, Lion Electric has reached an agreement with Aéroports de Montréal to sell its innovation centre in Mirabel.
The money from the transaction is expected to allow the electric school bus manufacturer to partially repay loans taken out from lenders.
“As a result, while the transaction is expected to reduce the company’s long-term indebtedness, it will not impact the company’s short term liquidity and cash position,” the company said.
The closing of the transaction should take place by the end of the year.
Quebec’s Minister of Economy and Energy, Christine Fréchette, announced at the beginning of the week that the province was “ready to put money back” into Lion Electric, if there were private players involved.
Lion Electric had already carried out three other waves of layoffs in 2024, which involved nearly 520 jobs.