Second-Generation Upfit Technology to be
Offered on Chevrolet and GMC Commercial Pickups and Cutaway
Chassis; Expected to Begin Shipping in Early 2021
XL Fleet (“XL” or the “Company”), a leader in vehicle
electrification solutions for commercial and municipal fleets, has
announced that the Company’s XLP™ plug-in hybrid electric drive
technology is being expanded for use across a range of fleet
vehicles from General Motors (NYSE: GM). The platform is expected
to begin shipping on select configurations of the Chevrolet and GMC
Silverado / Sierra 2500 HD and 3500 HD pickup trucks in the first
quarter of 2021, and on Chevrolet and GMC 3500 and 4500 cutaway
chassis in the second quarter of 2021.
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XL's plug-in hybrid electric drive
technology can now be installed onto a range of commercial fleet
vehicles from General Motors, including popular Silverado and
Sierra pickup trucks. (Photo: XL Fleet)
The Company’s newest product offering expands its growing lineup
of plug-in hybrid electric drive systems, which can improve fuel
economy by increasing miles per gallon by up to 50% and reducing
CO2 emissions by approximately one-third compared to traditional
gas-powered vehicles. It is also the Company’s first plug-in hybrid
system to be available for Chevrolet and GMC fleet vehicles, adding
to a broad range of XL hybrid systems currently available for GM
products.
“GM Fleet vehicles are built to meet the rigorous performance
requirements of today’s most demanding applications,” said Jim
Connelly, Manager of Commercial & Specialty Vehicles, GM Fleet.
“Adding XL’s plug-in hybrid electric upfit technology to these
tried-and-true GM Fleet vehicles can provide a tested and flexible
option for customers looking to electrify their work truck
applications immediately.”
These new product offerings further expand XL’s reach into a
wide range of mission-critical electrified fleet applications,
including electric utilities, emergency response units, last mile
delivery vehicles and other highly specialized and demanding
applications. The Company believes its expanded portfolio will
further extend its leadership position in fleet
electrification.
“Companies and municipalities are focused on electrifying a
larger percentage of their fleets, while ensuring they uphold their
performance and operational requirements,” said Tod Hynes, Founder
and Chief Strategy Officer of XL Fleet. “XL’s ability to electrify
a wide range of commercial applications from the world’s leading
vehicle manufacturers allows us to immediately serve this market
with proven, high performance vehicles that are already designed
and specified for the rigorous duty cycles of fleets.”
“By leveraging our experience with over 200 customers and
utilizing proprietary data from nearly 140 million customer miles
driven, we are uniquely positioned to quickly and efficiently
develop solutions for applications with significant demand,” said
Dimitri Kazarinoff, Chief Executive Officer of XL Fleet. “The
launch of our plug-in hybrid electric upfit technology for the GM
family of high-performance fleet vehicles represents an exciting
expansion of our work with GM Fleet as well as our growing line of
plug-in hybrid electric solutions. This new platform incorporates
XL’s second-generation plug-in hybrid electric drive technology,
providing higher kilowatt-hours with a more scalable design that
can be expanded onto a much broader array of vehicles and
applications.”
XL remains on track to complete its previously announced merger
agreement with Pivotal Investment Corporation II (NYSE: PIC), a
publicly traded special purpose acquisition company, in the fourth
quarter of 2020. Upon closing, the combined company will be named
XL Fleet Corp. and is expected to remain listed on the New York
Stock Exchange under a new ticker symbol, “XL”.
About XL Fleet
XL Fleet is a leading provider of vehicle electrification
solutions for commercial and municipal fleets in North America,
with more than 130 million miles driven by customers such as The
Coca-Cola Company, Verizon, Yale University and the City of Boston.
XL’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'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.
About Pivotal Investment Corporation II
Pivotal Investment Corporation II (NYSE: PIC) is a special
purpose acquisition company organized for the purpose of effecting
a merger, share exchange, asset acquisition, stock purchase,
recapitalization, reorganization, or other similar business
combination with one or more businesses or entities. On September
18, 2020, Pivotal announced that it had entered into a definitive
merger agreement with XL Fleet. Upon closing, the combined company
will be named XL Fleet and is expected to remain listed on the New
York Stock Exchange under a new ticker symbol, “XL”. For additional
information, please visit https://www.pivotalic.com/.
Important Information and Where to Find It
This communication is being made in respect of the proposed
merger transaction involving Pivotal and XL. Pivotal filed a
registration statement on Form S-4 with the Securities and Exchange
Commission (the “SEC”), which includes a proxy statement/prospectus
of Pivotal, and certain related documents, to be used at the
meeting of shareholders to approve the proposed business
combination and related matters. INVESTORS AND SECURITY HOLDERS OF
PIVOTAL ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, AND ANY
AMENDMENTS THERETO AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED
WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT XL,
PIVOTAL AND THE BUSINESS COMBINATION. The definitive proxy
statement will be mailed to shareholders of Pivotal as of a record
date to be established for voting on the proposed business
combination. Investors and security holders will also be able to
obtain copies of the registration statement and other documents
containing important information about each of the companies once
such documents are filed with the SEC, without charge, at the SEC's
web site at www.sec.gov.
The information contained on, or that may be accessed through,
the websites referenced in this press release is not incorporated
by reference into, and is not a part of, this press release.
Participants in the Solicitation
Pivotal, XL and certain of their respective directors and
executive officers may be deemed participants in the solicitation
of proxies from the shareholders of Pivotal in favor of the
approval of the business combination and related matters.
Shareholders may obtain more detailed information regarding the
names, affiliations and interests of certain of Pivotal’s executive
officers and directors in the solicitation by reading Pivotal’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2019, and the proxy statement and other relevant materials filed
with the SEC in connection with the business combination when they
become available. Information concerning the interests of Pivotal’s
participants in the solicitation, which may, in some cases, be
different than those of their stockholders generally, will be set
forth in the proxy statement relating to the business combination
when it becomes available.
No Offer or Solicitation
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval, nor shall there be any sale of any securities
in any state or jurisdiction in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of such other jurisdiction.
Forward Looking Statements
The information in this press release includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended (the “Securities Act”), and Section 21E of the
Securities Exchange Act of 1934, as amended. All statements, other
than statements of present or historical fact included in this
press release regarding XL Fleet’s new product offerings, the
proposed business combination, including Pivotal’s ability to
consummate the transaction, the anticipated timing of the closing
of the business combination and benefits of the transaction, and
the combined company’s future financial performance, as well as the
combined company’s strategy, future operations, estimated financial
position, estimated revenues and losses, projected costs,
prospects, plans and objectives of management, are forward-looking
statements. Forward-looking statements are inherently subject to
risks, uncertainties and assumptions. These statements may be
preceded by, followed by or include the words “anticipates,”
“believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,”
“will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates” or
“intends” or similar expressions. Such forward-looking statements
involve risks and uncertainties that may cause actual events,
results or performance to differ materially from those indicated by
such statements. Certain of these risks are identified and
discussed in Pivotal’s Annual Report on Form 10-K for the year
ended December 31, 2019 under Risk Factors in Part I, Item 1A and
in Pivotal’s Quarterly Reports on Form 10-Q for the quarters ended
June 30, 2020 and September 30, 2020. These risk factors will be
important to consider in determining future results and should be
reviewed in their entirety. These forward-looking statements are
expressed in good faith, and Pivotal and XL believe there is a
reasonable basis for them. However, there can be no assurance that
the events, results or trends identified in these forward-looking
statements will occur or be achieved. Forward-looking statements
speak only as of the date they are made, and neither Pivotal nor XL
is under any obligation, and expressly disclaim any obligation, to
update, alter or otherwise revise any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by law. Readers should carefully review the
statements set forth in the reports, which Pivotal has filed or
will file from time to time with the SEC.
In addition to factors previously disclosed in Pivotal’s reports
filed with the SEC and those identified elsewhere in this
communication, the following factors, among others, could cause
actual results to differ materially from forward-looking statements
or historical performance: the parties’ ability to meet the closing
conditions to the merger, including approval by stockholders of
Pivotal and XL on the expected terms and schedule and the risk that
regulatory approvals required for the merger are not obtained or
are obtained subject to conditions that are not anticipated; delay
in closing the merger or the PIPE Offering; failure to realize the
benefits expected from the proposed transaction; the effects of
pending and future legislation; risks related to disruption of
management time from ongoing business operations due to the
proposed transaction; business disruption following the
transaction; other consequences associated with mergers,
acquisitions and divestitures and legislative and regulatory
actions and reforms; risks associated with XL’s business, including
the highly competitive nature of XL’s business and the market for
hybrid electric vehicles; litigation, complaints, product liability
claims and/or adverse publicity; cost increases or shortages in the
components necessary to support XL’s products and services; the
introduction of new technologies; privacy and data protection laws,
privacy or data breaches, or the loss of data; and the impact of
the COVID-19 pandemic on XL’s business, results of operations,
financial condition, regulatory compliance and customer
experience.
Any financial projections in this communication are
forward-looking statements that are based on assumptions that are
inherently subject to significant uncertainties and contingencies,
many of which are beyond Pivotal’s and XL’s control. While all
projections are necessarily speculative, Pivotal and XL believe
that the preparation of prospective financial information involves
increasingly higher levels of uncertainty the further out the
projection extends from the date of preparation. The assumptions
and estimates underlying the projected results are inherently
uncertain and are subject to a wide variety of significant
business, economic and competitive risks and uncertainties that
could cause actual results to differ materially from those
contained in the projections. The inclusion of projections in this
communication should not be regarded as an indication that Pivotal
and XL, or their respective representatives and advisors,
considered or consider the projections to be a reliable prediction
of future events.
This communication is not intended to be all-inclusive or to
contain all the information that a person may desire in considering
in an investment in Pivotal and is not intended to form the basis
of an investment decision in Pivotal. All subsequent written and
oral forward-looking statements concerning Pivotal and XL, the
proposed transactions or other matters and attributable to Pivotal
and XL or any person acting on their behalf are expressly qualified
in their entirety by the cautionary statements above.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201116005434/en/
For XL Fleet Media: Eric Foellmer (617) 648-8551
efoellmer@xlfleet.com
Investors: ICR, Inc. XLFleetIR@icrinc.com
For Pivotal Investment Corporation II Jonathan
Gasthalter/Nathaniel Garnick/Sam Fisher Gasthalter & Co. (212)
257-4170 pivotal@gasthalter.com
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