XL Fleet Partnering with Curbtender to Develop All-Electric and Plug-in Hybrid Refuse Trucks
February 04 2021 - 7:30AM
Business Wire
Companies will jointly develop a series of
all-electric, plug-in hybrid and hybrid electric refuse truck
models across a range of Class 3-8 waste management vehicle
options, beginning in 2021.
Electrification system is one of several
all-electric chassis XL Fleet is currently developing.
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.
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Curbtender Quantum (Photo: Business
Wire)
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210204005319/en/
Media: Eric Foellmer, Director of Marketing (617)
648-8555 PR@xlfleet.com Investors: xlfleetIR@icrinc.com
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