XL Fleet, a leader in vehicle electrification solutions for commercial and municipal fleets, today announced that it has completed its previously announced merger with Pivotal Investment Corporation II, a publicly traded special purpose acquisition company. The transaction, which was approved by Pivotal’s stockholders at its annual meeting held on Dec. 21, 2020, resulted in the combined company being renamed “XL Fleet Corp.”, with its common stock and warrants to commence trading on the New York Stock Exchange at the opening of trading on Dec. 22, 2020, under the ticker symbols “XL” and “XL WS,” respectively.
In connection with the merger and related private placement, XL Fleet received approximately $350 million in cash proceeds. The funds are expected to be used to advance XL Fleet’s position as a leader in fleet electrification through the development of new products, including all electric and Class 7-8 solutions, further the deployment of the company’s XL Grid charging infrastructure division and its complete “Electrification as a Service” offering, as well as to accelerate XL Fleet’s plans to expand internationally.
“Today is a significant milestone for XL Fleet and our employees and an important step forward for the commercial vehicle industry as we transform commercial fleets to build a more sustainable world,” said Dimitri Kazarinoff, XL Fleet’s CEO. “The closing of our merger with Pivotal will empower us to accelerate our growth strategy and bolster the industry’s most comprehensive fully integrated fleet electrification platform, encompassing real-time data monitoring and analytics, propriety powertrain technology, power management, charging and storage. Our tested products, strong presence in the U.S. and Canada, firmly-established supply chain, and deep OEM relationships position XL Fleet as the partner-of-choice for our blue-chip customer base who recognize us as a key partner in helping them to meet their sustainability goals efficiently and at a lower cost.”
“XL Fleet started its journey more than a decade ago to address the burgeoning need for commercial and municipal fleets to reduce emissions,” said Tod Hynes, President of XL Fleet. “Today that need is stronger than ever, and we believe that XL Fleet is positioned as the most trusted name in fleet electrification—one of the largest opportunities in energy. We look forward to extending XL Fleet’s leadership position as we continue to help our customers save money, improve driver productivity, reduce emissions and drive decarbonization throughout their electrification journeys.”
Kazarinoff and Hynes will continue to lead XL Fleet’s management team, supported by a deep bench of executive leadership with extensive energy innovation, automotive, and electric vehicle experience. Pivotal Chairman and Chief Executive Officer Jonathan Ledecky will join the Company’s newly formed Board of Directors, as will Pivotal Directors Kevin Griffin, Chief Executive Officer and Chief Investment Officer of MGG Investment Group, LP, and Sarah Sclarsic, a technology entrepreneur and carbon removal researcher at the Massachusetts Institute of Technology.
“We appreciate the overwhelming support received from shareholders of Pivotal, including 99.88% votes cast in favor of the merger between Pivotal and XL Fleet,” said Ledecky. “We are exceptionally proud of XL Fleet’s success to date and are excited to continue to support the Company and its talented team as it transitions to the public markets. With thousands of proven systems on the road today, millions of miles driven by hundreds of customers in mission-critical applications, and an asset light, highly scalable business model, I believe that XL Fleet is poised to realize its vision of becoming a world leader in fleet electrification.”
