XL Fleet Electrifying Apex Clean Energy Pickup Fleet

Rhea-AI Summary

XL Fleet Corp. (NYSE: XL) has partnered with Apex Clean Energy to electrify its vehicle fleet, marking a significant step towards reducing carbon emissions. Apex will receive 19 electrified Ford F-series pickup trucks, consisting of ten plug-in hybrids and nine hybrid electric systems, with delivery scheduled for Q2 2021. This move aligns with Apex's sustainability goals and leverages XL Fleet’s systems to enhance operational efficiency. Apex, having commercialized $9 billion in renewable projects, aims to strengthen its clean energy mission through this electrification initiative.

Positive

• Partnership with Apex Clean Energy enhances XL Fleet's market presence.
• Deployment of 19 electrified Ford F-series trucks aligns with sustainability goals.
• Strong alignment with Apex’s mission to reduce carbon footprint and transition to clean energy.

Negative

• None.

XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leader in fleet electrification solutions, and Apex Clean Energy (“Apex”), a leading clean energy company that develops, constructs, and operates utility-scale wind and solar power facilities throughout North America, today announced that XL Fleet is electrifying Apex’s vehicle fleet as part of a comprehensive effort to reduce its carbon emissions.

(Photo: Business Wire)

Apex’s first investment in vehicle electrification, the order will provide 19 electrified Ford F-series pickup trucks, including ten plug-in hybrid electric and nine hybrid electric systems for pickups in its service fleet, for delivery in the second quarter of 2021. The strategic mix of hybrid and plug-in hybrid electric vehicles being deployed aligns with Apex’s current sustainability goals and operational requirements, while allowing it to consider expanding its electrification investments as it replaces more vehicles in the future.

XL Fleet’s electrification systems will enable Apex to equip its project teams with a diverse array of cleaner, more fuel-efficient vehicles as Apex installs renewable power generation equipment and facilities throughout North America. Apex is planning to deploy the plug-in hybrid vehicles to its operations employees, who will have access to charging infrastructure being installed at operational wind and solar facilities. The hybrid vehicles are expected to be used by Apex’s on-site construction team, who currently do not have regular access to charging infrastructure and will benefit from the regenerative braking provided by the XL Fleet hybrid system. In the past decade, Apex has commercialized $9 billion worth of wind and solar projects representing nearly 7 GW of clean energy opportunity.

“XL Fleet and Apex Clean Energy share a common goal of delivering sustainable products and services designed to protect our environment, and we are proud to become Apex’s electrified vehicle partner as they look to take immediate and significant steps toward reducing their carbon footprint,” said Brian Piern, VP of Sales and Marketing at XL Fleet.

“As a mission-driven company with sustainability at the heart of our work, Apex is driving the transition to a clean energy economy, and XL Fleet is an ideal partner to help us extend this core value to our transportation choices,” said Mark Goodwin, president and CEO of Apex Clean Energy. “XL Fleet gives us the ability to begin working toward our carbon reduction goals immediately by electrifying our vehicle fleet with proven solutions that make strong financial sense.”

This deployment of electrified pickups reflects XL Fleet’s broad lineup of plug-in hybrid and hybrid solutions for some of the fleet industry’s most popular light and medium duty work trucks, which also includes the Company’s newest plug-in and hybrid offerings for Chevrolet Silverado and GMC Sierra HD models.

The Ford F-series pickups being electrified for Apex were acquired by XL Fleet’s Fleet Management Company (FMC) partner Enterprise Fleet Management as part o

FAQ

What is XL Fleet's recent partnership about?

XL Fleet partnered with Apex Clean Energy to electrify its vehicle fleet, providing 19 electrified Ford F-series trucks.

How many vehicles is Apex acquiring from XL Fleet?

Apex is acquiring 19 electrified Ford F-series pickup trucks from XL Fleet, including ten plug-in hybrid and nine hybrid electric systems.

When will Apex receive the electrified vehicles?

Apex is scheduled to receive the electrified vehicles in the second quarter of 2021.

What are the environmental benefits of XL Fleet's electrification?

The electrification will help Apex reduce its carbon emissions and support its sustainability goals.

What is the significance of XL Fleet's partnership with Apex?

The partnership strengthens XL Fleet's position in the fleet electrification market and supports Apex's clean energy mission.