XL Fleet Partnering with Curbtender to Develop All-Electric and Plug-in Hybrid Refuse Trucks
BOSTON, February 4, 2021 – XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leader in fleet electrification solutions with over 145 million customer miles driven, today announced it has entered into a strategic partnership with Curbtender, a market leader in Under CDL refuse trucks and a pioneer in automated side loader collection. Under the terms of the agreement, XL Fleet and Curbtender will jointly develop a series of battery electric (BEV) and plug-in hybrid electric (PHEV) commercial trucks for use in waste management applications.
The two companies have committed to developing and launching a battery electric refuse vehicle equipped with an XL Electric™ propulsion system and a Curbtender Quantum rear loader refuse truck body within the next year. The agreement also includes the joint development of plug-in hybrid electric versions of the vehicle, as well as a range of Class 3 – Class 8 vehicle solutions for the waste management industry.
Partnership Addresses Growing Demand for Sustainable Refuse Solutions
Refuse trucks represent a $7 billion market segment within the global commercial fleet industry, with over 62,000 units sold globally in 2018 and growing annually by four percent. Refuse collection trucks travel 25,000 miles annually on average and contribute around 1.4% of the transportation industry’s overall fuel consumption, making them an attractive application for electrification and reflecting a high-impact opportunity to drive decarbonization within the commercial sector.
Demand for sustainable vehicle solutions in this market has grown steadily in recent years, and XL Fleet and Curbtender expect to be well positioned to serve that demand through this partnership. Refuse collection vehicles have extremely demanding drive cycles, and both companies are committed to delivering reliable electrified solutions that meet the operating needs of customers while also satisfying their increasingly strict sustainability and cost targets.
“This partnership represents several exciting milestones that are well aligned with XL Fleet’s product and business strategy,” said Dimitri Kazarinoff, XL Fleet Chief Executive Officer. “As our first publicly referenced all-electric powertrain and our first Class 6 application for the waste management industry, we believe the EV Quantum and other jointly developed products with Curbtender will open up multiple new market opportunities for the Company in the coming years.”
“Curbtender has always prided itself on its long history of durability, performance and innovation in commercial waste management,” said Kevin Watje, Curbtender Chief Executive Officer. “The industry is eager to realize the environmental, cost and sustainability benefits of electrified vehicles, and our partnership with XL Fleet will allow us to move quickly in getting these trucks into our customers’ hands.”
For additional information, please visit XL Fleet’s Investor Relations website at https://investors.xlfleet.com.
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.
Eric Foellmer, Director of Marketing
Marc Silverberg, Partner (ICR)
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