Benzinga | Oct 5, 2021 10:40AM EDT

Lightning EMotors, Ricardo Partner To Provide Commercial EVs To UK Customers

* Ricardo and Lightning EMotors Inc (NYSE:ZEV) have entered into a strategic partnership agreement to deploy vehicles in the U.K.

* Under the agreement Lightning EMotors will build fully electric powertrains at their 231,000 square foot facility in Loveland, Colorado, for shipment to the U.K.

* Ricardo will assemble and integrate those powertrains into medium-duty commercial fleet vehicles at one of its manufacturing facilities in the U.K.

* "The UK market is especially well-suited for commercial vehicle electrification because the return on investment for fleets is so fast," said Tim Reeser, CEO of Lightning EMotors.

* BP PLC's (NYSE:BP) bp Ventures, Lightning's largest investor, will provide fleet management expertise through bp Pulse, an electric vehicle charging company in the U.K.

* Price Action: ZEV shares are trading higher by 1.32% at $8.44 on the last check Tuesday.