XL Fleet Opens a Fleet Electrification Technology Center in Michigan

Rhea-AI Summary

XL Fleet Corp. (NYSE: XL) has opened a 24,655 sq. ft. fleet electrification technology center in Wixom, MI, enhancing its capabilities in the commercial vehicle electrification market. This facility will support R&D for hybrid, plug-in hybrid, and electric systems, and aims to grow the engineering team by 50% by adding over 50 new members in the next three years. The move is part of the Company's strategy to meet rising demand for sustainable vehicle solutions and leverage the region's automotive talent.

Positive

• Opening of a new 24,655 sq. ft. facility in Wixom, MI, to enhance R&D capabilities.
• Plans to expand engineering team by 50%, adding over 50 new jobs.
• Focus on developing a wide range of electrification solutions to meet growing customer demand.

Negative

• None.

XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leader in fleet electrification solutions, has opened its newest location in Wixom, MI, as the Company continues its rapid expansion to meet customer demand for a range of electrification solutions. The 24,655 square-foot facility is located in the heart of the United States’ top-ranked region for automotive engineering talent and will serve as a fleet electrification technology center to support the design, development, testing and production of a wide range of commercial vehicle electrification solutions.

XL Fleet Opens a Fleet Electrification Technology Center in Michigan (Photo: Business Wire)

The state-of-the-art facility will supplement XL Fleet’s extensive product research and development programs, with technology capabilities for prototyping, controls development, and electrical and systems engineering. The facility will include a component test lab including vibration capability, a vehicle chassis dynamometer, an electronics lab and battery testing equipment.

The Company expects to significantly expand its electrified powertrain systems portfolio over the next several years, with solutions including hybrid, plug-in hybrid, battery electric and fuel cell electric systems, as well as electrification systems for a range of new medium- and heavy-duty commercial applications.

XL Fleet anticipates growing its engineering team by approximately 50% in 2021, many of which will be based in the new Wixom facility. The Company expects to add at least 50 new Michigan-based team members within the next three years, as the location will provide access to a wealth of automotive and commercial vehicle engineering talent within the region.

“XL Fleet’s expansion into Michigan marks a great milestone for the Company, and an important element of our strategy to continue adding breadth and depth to our best-in-class engineering organization to develop the next generation of electrification solutions needed to scale the business,” said Dimitri Kazarinoff, CEO of XL Fleet. “We are very excited to expand the Company’s footprint into this highly strategic location, where we will be well positioned to add capacity to the exceptional talent we already have in house,” he said.

About XL Fleet Corp.

XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, with more than 145 million miles driven by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. XL Fleet’s hybrid and plug-in hybrid electric drive systems can increase fuel economy up to 25-50 percent and reduce carbon dioxide emissions up to 20-33 percent, decreasing operating costs and meeting sustainability goals while enhancing fleet operations. XL Fleet’s plug-in hybrid electric drive system was named one of TIME magazine's best inventions of 2019. For additional information, please visit www.xlfleet.com.

Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to failure to realize the anticipated benefits from the business combination; the effects of pending and future legislation; the highly competitive nature of the Company’s business and the commercial vehicle electrification market; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones; the effects of competition on the Company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in the definitive proxy statement/prospectus filed on December 8, 2020 and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210317005260/en/

FAQ

What recent development did XL Fleet announce in March 2021?

XL Fleet opened a new fleet electrification technology center in Wixom, MI.

How large is the new facility opened by XL Fleet?

The new facility is 24,655 square feet.

What is the purpose of XL Fleet's new facility in Wixom?

The facility will support research, development, testing, and production of electrification solutions for commercial vehicles.

How many new jobs does XL Fleet plan to add in Michigan?

XL Fleet plans to add at least 50 new jobs in Michigan over the next three years.

What types of electrification solutions is XL Fleet focusing on?

XL Fleet is focusing on hybrid, plug-in hybrid, battery electric, and fuel cell electric systems.