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XL Hybrids scales fleet vehicle electrification with IKEA and Constellation Technology Ventures

Bloomberg_$22m_Investment Blog

Today, we’re happy to announce our $22 million Series D round, which adds great new strategic partners to the XL team. Constellation Technology Ventures (CTV) is the venture capital arm of Exelon, one of the largest utilities in the United States, and IKEA Group is a global leader with a strong commitment to renewable energy and fleet vehicle electrification. These partners enable us to broaden our fleet electrification solutions, achieve larger scale, and help more customers reduce fuel usage while saving money and reducing emissions. We were able to attract such great partners because XL has remained focused on developing electrification solutions that are both low-cost and highly scalable.

The XL team has done tremendous work and has been very disciplined over the years while successfully navigating major swings in oil prices and lots of noise in our industry. We have been able to achieve more than many of our competitors who have come and gone, and we’ve done it with a relatively lean budget for this industry. XL has systems in fleets across the US and Canada that have accrued over 50 million miles, and our production rate is now over 100 per month. To put this in perspective, Tesla had around 4 million customer miles when it went public.

XL is growing at more than 100% per year, and our production capacity is ramping quickly without the expense and delays associated with new factories. We’re working with the largest manufacturers of commercial vehicles in the US, such as Ford, GM and Isuzu, as well as commercial vehicle upfitters like Knapheide. By working with industry leaders, XL brings more electrification options to market faster and at a lower cost than anyone else in the market. Our solutions already cover more than 50% of the class 2-6 commercial vehicle market in the US, and we will increase that coverage in the coming years.

XL is excited to be a leader in fleet electrification and the low carbon economy. We’re expanding our team and hiring, so if you or someone you know is ready to roll up their sleeves, contact us. We’re also expanding our existing work with major customers, as well as bring new products to market.

Looking to reduce your emissions and fuel usage while saving money? Please reach out to us. We look forward to helping you achieve your goals quickly and cost-effectively. Finally, thank you to all of our fleet customers across North America. We appreciate your business, and we look forward to continuing to increase your fuel economy, reduce your emissions and make your operations more efficient.

XL Hybrids scales fleet vehicle electrification with IKEA and Constellation Technology Ventures

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