Published on 13 Jun 2023 on FreightWaves via Yahoo Finance
Lightning eMotors struggles to hang on in brutal market
Lightning eMotors co-founder and CEO Tim Reeser leads the electric school bus maker in difficult times. (Photo: Lightning eMotors)
DETROIT — Lightning eMotors CEO Tim Reeser does not regret going for the easy money from a special purpose acquisition company merger two years ago. But like other transportation SPACs, the converter of small school buses to run on electricity is struggling to hang on.
“At the time, we needed a couple hundred million dollars to scale. We were in COVID. The markets were very difficult. The capital markets were willing to give us a great valuation. And we were able to get $230 million to scale,” Reeser said. “We couldn’t have done it any other way.”