XL Fleet and Rubicon Collaborate to Accelerate Fleet Electrification in Waste and Recycling Industry
June 24 2021 - 8:00AM
Business Wire
Collaboration to provide fleet
Electrification-as-a-Service to haulers to reduce capital and
operating costs while lowering emissions
Positions XL Fleet to capitalize on the
significant market opportunity from deploying clean vehicles and
charging infrastructure across North America
XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a
leader in fleet electrification solutions for commercial and
municipal fleets, announced an agreement with Rubicon, a software
platform that provides smart waste and recycling solutions for
businesses and governments worldwide, to bring XL Fleet’s offerings
for fleet electrification to Rubicon’s network of waste and
recycling hauler partners.
This will allow XL Fleet to grow its customer base by jointly
approaching Rubicon’s expansive partner network with the
Electrification-as-a-Service offering. XL Fleet aims to provide
hybrid electric, plug-in hybrid and all-electric solutions, as well
as deliver charging infrastructure through its XL Grid division, as
a complete, end-to-end offering to Rubicon’s network of more than
7,000 vendor and hauler partners across the United States. XL Fleet
and Rubicon can significantly accelerate fleet electrification in
this space by reducing upfront costs and complexity. This also
creates an opportunity for infrastructure investors to deploy
significant capital into clean vehicle and charging infrastructure
assets.
With over 150 million customer miles driven and more than 4,300
units on the road, XL Fleet is the leader in fleet electrification
solutions for Class 2-6 commercial and municipal vehicles, with
plans to expand its product offering into heavy duty applications
including waste management. The company is excited to advance on
its Electrification-as-a-Service offering and accelerate the
electrification of Rubicon’s network of hauler partners.
“We are extremely proud to partner with technology leaders like
Rubicon and bring our comprehensive fleet electrification solutions
to its broad partner base of fleet managers within the waste
management space,” said Tod Hynes, Founder and President at XL
Fleet. “The market opportunity to help electrify the waste and
recycling industry is significant as fleets look to meet their
sustainability goals, and this collaboration expands and advances
our existing efforts to capitalize on this growing opportunity.
With the help of XL Fleet’s electrification offering, Rubicon will
be able to offer solutions to its network of hauler partners, and
bring enhanced cost-efficiency, convenience and performance to
their fleets.”
“We are committed to securing smart waste and recycling
solutions for our customers and partners, who are now increasingly
looking to electrify their fleets and drive tangible sustainability
success in their businesses and operations,” said David Rachelson,
Chief Sustainability Officer at Rubicon. “With XL Fleet’s
cutting-edge electrification solutions, analytics capabilities, and
charging infrastructure solutions, we can deliver real value by
streamlining the process of fleet electrification. Rubicon is
looking forward to helping our sustainability-focused hauler
partners electrify their recycling and waste management fleets with
the help of XL Fleet’s comprehensive Electrification-as-a-Service
suite of offerings.”
This latest partnership builds on XL Fleet’s existing
initiatives in the waste and recycling space announced earlier this
year, including a key partnership with refuse trucks provider
Curbtender, to develop all-electric and plug-in hybrid vehicles.
For sales inquiries related to this partnership, please contact:
EaaS@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 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.
About Rubicon
Rubicon is a software platform that provides smart waste and
recycling solutions for businesses and governments worldwide. Using
technology to drive environmental innovation, the company helps
turn businesses into more sustainable enterprises, and
neighborhoods into greener and smarter places to live and work.
Rubicon’s mission is to end waste. It helps its partners find
economic value in their waste streams and confidently execute on
their sustainability goals. Learn more at Rubicon.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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210624005360/en/
XL Fleet Media: PR@xlfleet.com
XL Fleet Investor: xlfleetIR@icrinc.com
Rubicon: Dan Sampson Vice President of Marketing &
Communications dan.sampson@rubicon.com
XL Fleet (NYSE:XL)
Historical Stock Chart
From Mar 2024 to Apr 2024
XL Fleet (NYSE:XL)
Historical Stock Chart
From Apr 2023 to Apr 2024