- The stock price of XL Fleet Corp (NYSE: XL) increased by over 5% pre-market. This is why it happened.
The stock price of fleet electrification solutions leader XL Fleet Corp (NYSE: XL) increased by over 5% pre-market. Investors appear to be responding to XL Fleet announcing that it is electrifying Apex Clean Energy’s vehicle fleet as part of a comprehensive effort to reduce its carbon emissions.
As Apex’s first investment in vehicle electrification, the order will provide 19 electrified Ford F-series pickup trucks — including 10 plug-in hybrid electric and 9 hybrid-electric systems for pickups in its service fleet, for delivery in the second quarter of 2021. And the strategic mix of hybrid and plug-in hybrid electric vehicles being deployed aligns with Apex’s current sustainability goals and operational requirements while allowing it to consider expanding its electrification investments as it replaces more vehicles in the future.
XL Fleet’s electrification systems will essentially enable Apex to equip its project teams with a wide array of cleaner and more fuel-efficient vehicles as Apex installs renewable power generation equipment and facilities throughout North America. And Apex is planning to deploy the plug-in hybrid vehicles to its operations employees — who will have access to charging infrastructure being installed at operational wind and solar facilities.
The hybrid vehicles are likely going to be used by Apex’s on-site construction team — who currently do not have regular access to charging infrastructure and will benefit from the regenerative braking provided by the XL Fleet hybrid system. And in the past decade, Apex has commercialized $9 billion worth of wind and solar projects representing nearly 7 GW of clean energy opportunity.
This electrified pickup truck deployment reflects XL Fleet’s broad lineup of plug-in hybrid and hybrid solutions for some of the fleet industry’s most popular light and medium-duty work trucks – which also includes the company’s newest plug-in and hybrid offerings for Chevrolet Silverado and GMC Sierra HD models. And the Ford F-series pickups being electrified for Apex were acquired by XL Fleet’s Fleet Management Company (FMC) partner Enterprise Fleet Management as part of this deal.
“XL Fleet and Apex Clean Energy share a common goal of delivering sustainable products and services designed to protect our environment, and we are proud to become Apex’s electrified vehicle partner as they look to take immediate and significant steps toward reducing their carbon footprint.”
— Brian Piern, VP of Sales and Marketing at XL Fleet
“As a mission-driven company with sustainability at the heart of our work, Apex is driving the transition to a clean energy economy, and XL Fleet is an ideal partner to help us extend this core value to our transportation choices. XL Fleet gives us the ability to begin working toward our carbon reduction goals immediately by electrifying our vehicle fleet with proven solutions that make strong financial sense.”
— Mark Goodwin, president and CEO of Apex Clean Energy
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.