Governor Whitmer reaffirms Michigan and XL
Fleet’s joint commitment to accelerating the electrification of the
automotive and commercial fleet industry
Expansion to Detroit region enables XL Fleet to
attract top automotive and commercial vehicle engineering
talent
XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a
leader in fleet electrification solutions for commercial and
municipal fleets, today celebrated the grand opening of its Fleet
Electrification Technology Center in Wixom, MI, with Michigan
Governor Gretchen Whitmer and other legislative leaders of the
state in attendance. Governor Whitmer joined XL Fleet CEO Dimitri
Kazarinoff, Founder & President Tod Hynes, CTO and VP of
Engineering Mike Kenhard, Wixom Mayor Patrick Beagle, and Michigan
Economic Development Corporation Executive VP Josh Hundt in a press
conference and ribbon cutting ceremony at the new facility. In
addition to the ribbon cutting ceremony, Governor Whitmer and XL
Fleet executives offered remarks highlighting the importance of
expanding the electrification of the commercial fleet industry
while XL Fleet showcased its latest hybrid and plug-in hybrid
electric drive solutions for popular vehicles from General Motors,
Ford and Isuzu.
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Governor Whitmer joins XL Fleet CEO
Dimitri Kazarinoff, along with other senior executives and
legislative leaders, to cut the ribbon at XL Fleet’s new Fleet
Electrification Technology Center on Wednesday, June 09, 2021 in
Wixom, Mich. (Rick Osentoski/AP Images for XL Fleet)
The formal unveiling of the Fleet Electrification Technology
Center, which the Company first announced in March 2021,
highlighted XL Fleet’s plans to bring new green transportation jobs
to Michigan, contributing to the state’s commitment to
sustainability under Governor Whitmer. It was noted during the
ceremony that the new facility currently includes 26 full time
Michigan employees, including more than one dozen who have been
hired since the beginning of 2021. The Company plans to expand its
engineering team by 50% in 2021, with more than 50 jobs expected to
be added at the facility over the next three years by capitalizing
on the location’s strategic access to a wealth of automotive and
commercial vehicle engineering talent within the region.
As the Biden administration continues to prioritize and promote
the advancement of electric transportation, XL Fleet is positioned
to play a valuable role in accelerating the adoption of hybrid,
plug-in hybrid and all-electric vehicles, as well as charging
infrastructure, energy management and electrification as a service
solutions for commercial fleets across the state of Michigan and
the United States in the coming years.
As XL Fleet’s fourth U.S. location, the Fleet Electrification
Technology Center is a state-of-the-art, nearly 25,000 square foot
facility designed to help the Company more rapidly expand its suite
of commercial fleet electrification solutions while meeting the
growing demand for vehicle electrification throughout North
America.
“The grand opening of our Fleet Electrification Technology
Center in Michigan marks a milestone for XL Fleet as we expand our
footprint into this highly strategic location, positioning us to
add capacity to the exceptional talent we already have in-house,"
said XL Fleet CEO Dimitri Kazarinoff. “It is an honor to be joined
by Governor Whitmer and other officials to help celebrate and
inaugurate our first facility located in the country’s top region
for automotive engineering innovation.”
XL Fleet Founder & President Tod Hynes added, “XL Fleet
continues to reach milestones with our proven and growing product
suite, strong strategic partnerships and world-class talent that
will be enhanced through our new Michigan Fleet Electrification
Technology Center. These milestones put XL Fleet in a unique
position to not only capitalize on the industry’s shift to
electrification, but to continue to help drive it.”
“This investment by XL Fleet will create nearly 50 good-paying,
high-skill jobs and help us continue our economic jumpstart and put
Michigan back to work,” said Governor Whitmer. “The new facility
reinforces our reputation as the place that put the world on
wheels, and a leader in the future of mobility and electrification.
We’re excited to welcome XL Fleet to Michigan and look forward to
the pathbreaking innovations that will be created right here in our
state.”
XL Fleet qualified for a Michigan state incentive of up to
$400,000 from the Michigan Economic Development Corporation (MEDC)
for the leased facility, a grant designed to encourage expansion
into the state among growing businesses. “XL Fleet’s new R&D
facility will drive new advancements in future mobility and further
demonstrate that Michigan is the place where manufacturing and
technology converge,” said MEDC Chief Business Development Officer
and Executive Vice President Josh Hundt. “This project aligns with
our strategic focus on growing the mobility and electrification
ecosystem in Michigan and fostering high-wage job growth. We’re
pleased to work with our local partners to support XL Fleet’s
investment.”
In addition, XL Fleet worked with MICHauto, the state’s
automotive and mobility cluster association, on expanding into the
facility. “MICHauto is very pleased to welcome XL Fleet to the
Michigan automotive and technology community,” said Glenn Stevens,
Executive Director for MICHauto. “XL Fleet has strategically
located in the densest cluster of next-generation electrification
technology, engineering, and advanced manufacturing in the world.
The opportunity to utilize the talent, infrastructure, and quality
of life across our state is unique to Michigan, and MICHauto looks
forward to working with them to support their company’s growth.
“
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 150 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 Company’s Annual Report on Form 10-K
filed on March 31, 2021, as amended and supplemented by the 10-K/A
filed May 17, 2021, 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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XL Fleet Media Contact: PR@xlfleet.com
XL Fleet Investor Contact: xlfleetIR@icrinc.com
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