Electric powertrain provider XL Fleet to go public in billion-dollar SPAC deal
XL Fleet has developed a proprietary electrified powertrain platform that transforms fossil fuel-powered fleet vehicles into hybrid and plug-in hybrid vehicles as they are manufactured. XL’s systems are currently available on a variety of Class 2-6 vehicles manufactured by Ford, Chevrolet, GMC and Isuzu, and the company is on track to provide its systems in Class 7-8 vehicles in 2022.
Now XL Fleet plans to go public through a merger with Pivotal Investment Corporation II, a special purpose acquisition company (SPAC). The combined company will be named XL Fleet, and will be listed on the NYSE under the ticker symbol XL.
The anticipated enterprise value is approximately $1 billion, and upon closing, XL expects to have an additional $350 million of funding. It plans to use the new capital to develop new electrification technologies, and to expand into emerging markets outside of North America.
XL Fleet currently has over 3,200 commercial and municipal vehicles deployed in some 200 fleets throughout the US and Canada. The company says it has a $220-million 12-month sales pipeline and forecasted revenue of more than $21 million in 2020 and $75 million in 2021.
XL provides real-time data monitoring and analytics through its XL Link solution, which will form the basis of a complete Electrification-as-a-Service suite, featuring a range of EV services including power management, charging infrastructure, and onsite power and storage offerings.
“Fleet electrification is still in the early stages of development, and there is tremendous untapped opportunity in the years and decades ahead,” said Dimitri Kazarinoff, CEO of XL Fleet. “With the ability to quickly expand our teams, scale our production capacity and fund significant new product investments, we believe we will be well positioned to build on our leadership as a result of our transition to a publicly traded company. For our customers, that will mean greater access to a wider array of electrified vehicles, services and solutions.”
Source: XL Fleet via Green Car Congress