Electrical powertrain supplier XL Fleet to go public in billion-dollar SPAC deal

XL Fleet has developed a proprietary electrified powertrain platform that transforms fossil fuel-powered fleet automobiles into hybrid and plug-in hybrid automobiles as they’re manufactured. XL’s programs are at present obtainable on quite a lot of Class 2-6 automobiles manufactured by Ford, Chevrolet, GMC and Isuzu, and the corporate is on observe to supply its programs in Class 7-8 automobiles in 2022.

Now XL Fleet plans to go public by a merger with Pivotal Funding Company II, a particular objective acquisition firm (SPAC). The mixed firm might be named XL Fleet, and might be listed on the NYSE underneath the ticker image XL.

The anticipated enterprise worth is roughly $1 billion, and upon closing, XL expects to have a further $350 million of funding. It plans to make use of the brand new capital to develop new electrification applied sciences, and to develop into rising markets exterior of North America.

XL Fleet at present has over 3,200 business and municipal automobiles deployed in some 200 fleets all through the US and Canada. The corporate says it has a $220-million 12-month gross sales pipeline and forecasted income of greater than $21 million in 2020 and $75 million in 2021.

XL offers real-time knowledge monitoring and analytics by its XL Hyperlink answer, which can kind the premise of an entire Electrification-as-a-Service suite, that includes a variety of EV companies together with energy administration, charging infrastructure, and onsite energy and storage choices.

“Fleet electrification remains to be within the early levels of growth, and there’s great untapped alternative within the years and a long time forward,” stated Dimitri Kazarinoff, CEO of XL Fleet. “With the flexibility to shortly develop our groups, scale our manufacturing capability and fund important new product investments, we consider we might be properly positioned to construct on our management because of our transition to a publicly traded firm. For our clients, that can imply better entry to a wider array of electrified automobiles, companies and options.”

Supply: XL Fleet through Green Car Congress