GlobeNewswire Inc | Oct 12, 2021 09:00AM EDT

October 12, 2021

-- ELMS and Ample plan to introduce industry-first bundled offering of commercial electric vehicles and modular battery swapping technology -- Energy-as-a-Service (EaaS) and Mobility-as-a-Service (MaaS) options will give customers opportunity to choose energy solutions that optimize fleet efficiency

TROY, Mich., Oct. 12, 2021 (GLOBE NEWSWIRE) -- Electric Last Mile Solutions, Inc. (NASDAQ: ELMS; ELMSW) (ELMS or the Company), a pure-play commercial electric vehicle (EV) company focused on redefining productivity for the last mile, and Ample, Inc. (Ample), an electric mobility company providing modular battery swapping solutions, announced plans to introduce an industry-first bundled offering that would pair the ELMS Urban Delivery Class 1 commercial EV with Amples modular battery swapping technology. Through the collaboration, the companies expect to provide ELMS customers with the option to subscribe to turnkey energy and mobility solutions.

Fleetsdeploying ELMS EVs will be able to opt into anEnergy-as-a-Service (EaaS) solution utilizing Amplesinnovative battery swapping technology. Adopting the EaaS solution would lower the initial vehicle cost and allow customers to pay only for the energy they consume.

ELMS and Ample also announced plans to explore a full Mobility-as-a-Service bundle that would allow customers to forgo vehicle ownership entirely andpay for usage by the mile. Such an offering would include comprehensive services, insurance and energyto allow commercial fleets to minimize unplanned downtime and leverage differentiated economic models that drive their top-line revenue growth.

ELMS and Ample plan to offer customer test drives and battery swapping demonstrations in San Francisco using the Urban Delivery Class 1 EV in Q4 of this year. Full rollout of the bundled offering is expected to begin as early as Q2 2022.

By pairing Amples and ELMS market-leading solutions, customerswill now have a choice betweenfull Mobility-as-a-Service or Energy-as-a-Service offerings that allow them to own or operate their vehicle at a significant discount, said Jonathan Ballon, Chief Strategy Officer, ELMS. These offerings align with our vision to deliver unique, innovative solutions in hardware and software for our fleet customers.

Ample is thrilledtohelpcatalyze electrification in thecommercial fleet industry with ELMS, said John de Souza, Co-founder and President, Ample. Together, we will accelerate large fleet operatorsambitious electrification goals and their desire for fast energy delivery to enablehigh utilization of their vehicles with minimal downtime.

About Electric Last Mile Solutions, Inc.Electric Last Mile Solutions, Inc. (Nasdaq: ELMS) is focused on defining a new era in which commercial vehicles run clean as connected and customized solutions that make our customers businesses more efficient and profitable. ELMS first vehicle, the Urban Delivery, is the first Class 1 commercial electric vehicle in the U.S. market. The Company expects to begin production of its second vehicle, the Class 3 Urban Utility EV, in the second half of 2022. ELMS is headquartered in Troy, Michigan. For more information, please visit www.electriclastmile.com.

About AmpleAmple is a San Francisco based startup co-founded by John de Souza and Khaled Hassounah. It aims to solve the energy delivery challenge for electric transportation by utilizing autonomous robotics and smart-battery technology. Ample has created an economical, rapidly deployable and widely accessible platform that delivers a full charge to any electric car in minutes. Ample aims to make it possible to have Electric Cars for Everyone. For more information, contactinfo@getample.com

Forward-Looking StatementsThis press release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The Companys actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as expect, estimate, project, budget, forecast, anticipate, intend, plan, may, will, could, should, believes, predicts, potential, continue, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Companys expectations with respect to future performance of the business, the size, demands and growth potential of the markets for the Companys products and the Companys ability to serve those markets, the Companys ability to develop innovative products and compete with other companies engaged in the commercial delivery vehicle industry and/or the electric vehicle industry, the Companys ability to attract and retain customers, the estimated go to market timing and cost for the Companys products, and the implied valuation of the Company. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Companys control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of the Company to grow and manage growth profitably and retain its key employees; (2) changes in applicable laws or regulations; (3) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (4) the impact of COVID-19 on the Companys business; (5) any delays the Company may experience in realizing its projected timelines and cost and volume targets for the production, launch and ramp up of production of the Companys vehicles and the modification of its manufacturing facility; (6) the ability of the Company to obtain customers, obtain product orders, and convert its non-binding pre-orders into binding orders or sales; (7) the Companys ability to implement its business plans and strategies; and (8) other risks and uncertainties described in the Risk Factors section of the Companys Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 and in the Companys future filings with the Securities and Exchange Commission. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there may be additional risks that the Company considers immaterial or which are unknown. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

ContactsMedia: elms-svc@sardverb.comInvestor Relations: IR@electriclastmile.com