Last night, XL was recognized by the Northeast Clean Energy Council as Emerging Company of the Year during NECEC’s annual Green Tie Gala Awards. The prestigious event is designed to recognize the biggest achievements across the clean technology space, and XL was honored to receive the award for its rapid growth and significant contributions to clean transportation in the commercial and municipal fleet industry.
The award was our third significant recognition in the past few months. We were named one of Boston Business Journal’s Best Places to Work in June, and were among the finalists for the New England Venture Capital Association’s NEVY award for Clean Tech & Energy Company of the Year in April. We’re also a finalist for the upcoming S&P Global Platts Global Energy Awards for Commercial Technology of the Year, and we’ll find out those results in December.
Continue reading “XL Wins Emerging Company of the Year Award from NECEC”
Two of the most popular terms in urban planning today are smart cities and clean energy. These concepts naturally go hand-in-hand.
As cities get smarter, they use energy more efficiently and in a more controllable fashion, and they are better able to incorporate intermittent clean energy sources. Cities, and the power grids that support them, can use traditional power generation and stationary energy storage to support intermittent resources like wind and solar, but the lowest-cost solution for over a decade has been to control power loads with demand response. A large and emerging new power load is electrified vehicles, and they will play a critical role in the future of smart cities and clean energy.
To put things in perspective, the battery systems in the U.S. Toyota Prius fleet alone represent about 40 gigawatts of power. That’s about the same as the entire electric grid in New York state. While those vehicles don’t connect with the grid, there is a growing wave of plug-in vehicles with much larger batteries coming, and they will be a dominant and flexible force on the grid. If integrated properly, however, they can support the growth of smart cities and clean energy in profound ways.
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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.
Continue reading “XL Hybrids scales fleet vehicle electrification with IKEA and Constellation Technology Ventures”
Tod Hynes is President and Founder of XL Hybrids, the leader in fleet electrification solutions for commercial and municipal fleets. Hynes was director of alternative energy at Citizens Energy and started the company’s wind development businesses. A graduate of Massachusetts Institute of Technology, he co-founded the MIT Clean Energy Prize and teaches a graduate course called Energy Ventures at the university. Continue reading “Accelerating Vehicle Electrification”