Startup XL Fleet is expanding its electric drive business to creating charging infrastructure. The new division called XL Grid covers energy storage and solar power for electrified fleets.
XL Fleet’s goal is creating electrification as a service (EaaS).
“Fleet electrification requires a massive rollout of vehicle charging infrastructure. And XL Fleet has the customers and data already in place to quickly deliver charging solutions,” founder and Chief Strategy Officer Tod Hynes said in a press release.
Growing demand for electric vehicles means at least 100,000 charging stations will be needed in the next several years, XL Fleet estimates. It expects additional large-scale opportunities driven by the incoming Biden administration, CEO Dimitri Kazarinoff said.
Coca-Cola Co., Verizon, Yale University, the city of Boston and others have amassed more than 140 million miles driven on XL Fleet electric drive conversions. TIME magazine named its electric drive system one of its best inventions of 2019.
Customers can purchase XL Grid charging systems separately or as part of an order for vehicles with an electrified powertrain.
“We are committed to deploying all necessary resources to grow XL Grid into an integral component of our service offering in years to come,” Hynes said.
XL Fleet public debut nears
Boston-based XL Fleet is nearing completion of a reverse merger with special purpose acquisition company Pivotal Investment Corporation II (NYSE: PIC). The business combination is expected to close this month. XL Fleet would receive $350 million raised in PIC II’s initial public offering.
The combined company would be debt-free. It will be named XL Fleet Corp. and remain listed on the New York Stock Exchange under a new ticker symbol, XL.