ELMS And Thermo King Partner To Build All-Electric Refrigerated Delivery Vehicle Prototype

Transport Refrigeration Customers to Pilot ELMS and Thermo King Prototype Refrigeration Electric Vehicle Through 2021
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TROY, Mich., July 27, 2021 (GLOBE NEWSWIRE) -- To meet the growing demands for sustainable delivery solutions, Electric Last Mile, Inc. (Nasdaq: ELMS) and Thermo King, a strategic brand of Trane Technologies plc announced plans to build a first-of-its-kind all-electric refrigerated delivery vehicle. As part of the collaboration, Thermo King will integrate its E-200 all-electric refrigeration unit into the ELMS' Urban Delivery electric vehicle (EV). This vehicle will be a prototype of the anticipated first Class 1 commercial EV available in the United States.

"Together with Thermo King, a global leader in temperature control technologies for transport, we have the opportunity to expand the sustainability of the cold chain by electrifying the last mile delivery of fresh food and other perishable goods," said ELMS Co-Founder and CEO, James Taylor. "Our goal is to redefine all verticals of last mile delivery and the Urban Delivery EV prototype brings us closer to that transformation."

ELMS and Thermo King expect to pilot the Urban Delivery prototype with refrigerated transport customers, as well as have it on display at the Home Delivery Expo, alongside their partners at Delivery Concepts, Inc. The prototype will also be on display at International Food Distributors Association's annual events.

"Electrification is the force behind Thermo King's strategy to deliver smart, sustainable temperature-control solutions that will strengthen the cold chain and add value to our customers' operations," said Chris Tanaka, vice president of Product Management, Thermo King Americas. "Partnering with a technology innovator such as ELMS advances our goal to meet the rapidly growing demand for home delivery in a more efficient and sustainable way."

Thermo King introduced electrification to the transport refrigeration industry more than two decades ago with electric technologies in their marine, bus and truck product lines. Today, the company offers several all-electric products, which is paving the way to an all-electric portfolio of zero emission cold chain solutions. Thermo King's refrigerated and temperature-controlled solutions help to support the safe delivery of critical perishable goods, from fresh food to pharmaceuticals, including Covid-19 vaccines.

About Electric Last Mile, Inc.ELMS (Nasdaq: ELMS) is focused on redefining the last mile with efficient, connected and customizable solutions. ELMS' first vehicle, the Urban Delivery, is anticipated to be the first class 1 electric vehicle in the U.S. market. The company is headquartered in Troy, Michigan. For more information, please visit www.electriclastmile.com or Twitter @ELMSolutions.

About Thermo King Thermo King - by Trane Technologies (NYSE: TT), a global climate innovator - is a worldwide leader in sustainable transport temperature control solutions. Thermo King has been providing transport temperature control solutions for a variety of applications, including trailers, truck bodies, buses, air, shipboard containers, and railway cars since 1938. For more information, visit www.thermoking.com or www.tranetechnologies.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 Company's 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 Company's expectations with respect to future performance of the business, the size, demands and growth potential of the markets for the Company's products and the Company's ability to serve those markets, the Company's ability to develop innovative products and compete with other companies engaged in the commercial delivery vehicle industry and/or the electric vehicle industry, the Company's ability to attract and retain customers, the estimated go to market timing and cost for the Company's 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 Company's 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 with Forum Merger III Corporation, 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 Company's 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 Company's 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 Company's ability to implement its business plans and strategies; and (8) other risks and uncertainties indicated from time to time in the proxy statement filed by Forum relating to the business combination, including those under the "Risk Factors" section therein, and in Forum's other filings and the Company's 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 their expectations or any change in events, conditions or circumstances on which any such statement is based.

ContactsFor Electric Last Mile, Inc. elms-svc@sardverb.com IR@electriclastmile.com

For Thermo King Corporation Stephanie.moncada@tranetechnologies.com