XL Fleet Corporation, a leader in electrification solutions for commercial and municipal fleets has acquired World Energy Efficiency Services LLC. The acquisition will further expand and improve XL Fleet’s solutions for charging electric vehicle fleets in a same location.
Firstly, World Energy Efficiency Services is a leader in the energy efficiency, renewables, and technology developments for charging stations of ev’s. Particularly in the New England area. Indeed, the company assists companies through the electrification process, and helps them to achieve maximum efficiency.
Secondly, the company provides full-service EV charger installations; including the assessment of a location’s electrical infrastructure; also, site layout of the charging area plan and equipment installation.
Thirdly, the acquisition of this company by XL Fleet will upgrade XL Fleet’s solutions, in order to provide for its customers safer electrification sites; many of which face the challenge of charging dozens, or even hundreds of cars in the same location.
On the other hand, XL Fleet is also a leader in the electrification sector all across North America; it serves electrification solutions to big customers like The Coca-Cola Company, Verizon, Yale University and the City of Boston.
Also recommended for you: How a Maersk sale will expand New Fortress Energy’s LNG portfolio. Click here to read.
XL Fleet acquisition valued at $16 million
In fact, the company has an all-star solution; a hybrid and plug-in hybrid electric drive system that can increase fuel economy up to 25-50%; also, reduce carbon dioxide emissions up to 20-33%; while decreasing operating costs; meeting sustainability goals and enhancing fleet operations. In fact, this solution was named one of TIME magazine’s best inventions of 2019.
Therefore, the acquisition and the combined solutions of both leaders will help the area of New England, particularly; and North America to meet its increasing sustainability goals. About the transaction the statement says it has a value of $16 million; comprised of $8 million in cash paid on the closing date. As well as the obligation to issue new shares of XL Fleet common stock valued at $7.0 million.
In addition, Tod Hynes, President of XL Fleet, said. “We remain focused on eliminating barriers to electrification; we are committed to making it easier, cheaper and also simpler for companies to electrify their fleets.”
Finally, he remarked. “We are incredibly excited to bring World Energy’s experience and expertise in house. This transaction reflects a highly complementary addition to our XL Grid offering; also improving our ability to reduce the total cost of ownership for the charging infrastructure needed to power fleet vehicles.”