XL Fleet and eNow announce partnership to electrify refrigerated trailers

BOSTON–(COMMERCIAL THREAD) – XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leader in vehicle electrification solutions for commercial and municipal fleets, today announced an agreement to develop and supply batteries and power electronics and an investment in eNow, Inc. (“eNow”), a supplier of solar and battery power systems that enable fully electric transport refrigeration units (eTRUs) for Class 8 commercial trailers. Under the terms of the agreement, XL Fleet will supply battery and power electronics systems for the first 1,000 units of eNow’s new electrified refrigerated trailer solutions.

eNow has pioneered the development of mobile solar battery charging systems in the commercial fleet market since 2011. eNow’s patented solar systems efficiently capture energy from the sun with rooftop solar modules and then store it. energy in auxiliary batteries used to power tail lifts, HVAC cabins, refrigeration, telematics and other loads such as appliances and lighting. eNow has established itself in a favorable pre-market position to provide emission-free eTRUs for commercial trailers in the United States

Partnership with eNow

XL Fleet’s partnership with eNow accelerates and extends the company’s existing market opportunities to Class 8 trailers. Approximately 50,000 new diesel-powered refrigerated trailers are sold annually in the United States, reflecting a total potential market of several billion dollars for all-electric solutions. Each conventional diesel powered refrigerated trailer can use as much diesel as a delivery truck uses in a day, so there are great opportunities for diesel and emissions savings with electrified refrigerated trailers. Additionally, the partnership strengthens XL Fleet’s strategic position to collaborate with major Class 8 transportation customers, providing potential cross-selling opportunities for XL Fleet’s integrated solution offering, including electrified powertrains and XL Grid charging infrastructure.

XL Fleet and eNow are collaborating on the design and development of the system that will power the eTRUs, replacing conventional diesel-powered systems. XL Fleet is developing the built-in high capacity lithium-ion battery and power electronics technology that will be installed under the floor of the Class 8 trailer, providing approximately 12 hours or more of range between charges. eNow will integrate this system into its architecture, including solar panels mounted on the roof of the trailer to maintain battery charge and extend operation. The currently available 480V three-phase shore power will be used to charge the batteries and power the eTRU at rest or during loading and unloading of the trailer. The system will be equipped with a thermal management system to allow year-round operation throughout North America. XL Grid will support customers who need new charging infrastructure or extended charging infrastructure, or energy solutions. This partnership also builds on XL Fleet’s promise to provide electrification as a service, giving customers the ability to finance or lease refrigerated trailers and associated infrastructure.

ETRUs offer a lower total cost of ownership and are more environmentally friendly than diesel powered units currently serving the majority of the market. ETRUs can be towed by traditional internal combustion engines or electrified tractors, allowing fleet managers to immediately and significantly reduce emissions. XL Fleet and eNow plan to deliver the first eTRUs from the first half of 2022 to customers in industries such as food, retail, manufacturing and distribution.

eNow Investment

Along with the deal, XL Fleet invested $ 3 million in convertible notes into eNow. In addition, XL Fleet has the right to acquire eNow at a predetermined valuation.

Management commentary

“Our partnership and associated investments are consistent with our fleet electrification strategy and provide us with efficient access to a large market with significant growth potential, while opening new doors to additional opportunities to deliver our integrated solutions. ‘fleet electrification and XL Grid to Class 8 fleets,’ said Tod Hynes, founder and president of XL Fleet.

“We have been collaborating with eNow on critical engineering elements of this exciting next-generation electrified refrigerated trailer offering for quite some time now, and we continue to be impressed with the technology, ingenuity and shared passion of the team for sustainable development ”, said Dimitri Kazarinoff, CEO of XL. Fleet.

“XL Fleet’s mission to help businesses and their fleets lower their operating costs while supporting sustainability goals aligns closely with our own,” said Jeff Flath, President and CEO of ‘eNow. “This partnership will change the way the transportation industry views energy and refrigerated transportation, as together we will deliver the most advanced renewable energy systems for refrigerated trailers, coupled with charging infrastructure, to eliminate a major source of diesel fuel consumption and emissions for fleets. . ”

About XL Fleet Corp.

XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, with over 150 million miles flown by customers such as The Coca-Cola Company, Verizon, the Yale University and the City of Boston. XL Fleet’s hybrid and plug-in hybrid propulsion systems can increase fuel economy by up to 25-50 percent and reduce carbon dioxide emissions by up to 20-33 percent, lowering operating costs and meeting sustainability goals while improving fleet operations. XL Fleet’s plug-in hybrid electric drive system was named one of the best inventions of 2019 by TIME magazine. For more information, please visit www.xlfleet.com.

About eNow

eNow is a clean technology company and pioneer in renewable energy systems for heavy trucks and trailers. ENow’s award-winning systems use a combination of green energy sources, including solar, to reduce CO2 emissions and reduce fuel and maintenance costs for refrigerated trailers from 30 to 50%. ENow’s patented systems provide a significant return on investment while helping companies offset regulatory requirements and meet their ESG goals. HDT magazine named eNow’s All-Electric Solar-based Rayfrigeration ™ System a “Top 20 for 2021” product. Since 2011, eNow has also deployed more than 4,500 units of its solar systems to help fleets reduce costs and maintain auxiliary batteries for tail lifts, eAPUs (cabin HVAC), telematics and other applications. . For more information, please visit www.enowenergy.com.

Forward-looking statements

Certain statements contained in this press release may constitute “forward-looking statements” within the meaning of federal securities laws. Forward-looking statements are usually accompanied by words such as “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should” “,” “Plan”, “predict”, “potential”, “appear”, “seek”, “the future”, “prospects” and similar expressions which predict or indicate future events or trends or which do not 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 forward-looking statements, including, but not limited to, the failure to realize the expected benefits of the combination. businesses; the effects of current and future legislation; the highly competitive nature of the Company’s business and the commercial vehicle electrification market; disputes, complaints, product liability claims and / or adverse publicity; cost increases or shortages of 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 some important customers; laws on privacy and data protection, privacy or data breaches, or data loss; general economic, financial, legal, political and commercial conditions and changes in domestic and foreign markets; the inability to convert its pipeline of sales opportunities into firm orders; risks related to the deployment of the Company’s activities and the schedule of expected commercial 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 10-K / A filed on May 17, 2021, and other documents which the Company files with the SEC in the future. If any of these risks materialize or if our assumptions prove to be incorrect, actual results could differ materially from the results suggested by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company expressly disclaims any obligation to update these forward-looking statements.

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