XL Reports Record Year, Eclipses 60 Million Customer Miles, and Major Customer Deployments

Company announces rebrand from XL Hybrids to XL to better reflect
expanding lineup of plug-in fleet electrification offerings

BOSTON–(BUSINESS WIRE)–XL,
the leader in electrified truck solutions for commercial and municipal
fleets, today announced a record year of sales, surpassing 60 million
customer miles driven, and achieving one of the largest-ever single
deployment of electrified Class 2 to 6 truck technology, all in 2017.
The company also announced the re-branding of the company to XL (from XL
Hybrids) as the company moves to offer more plug-in vehicle systems to
complement XL’s core hybrid-electric technology, as well as enhancements
to its connected vehicle telemetry offering, XL Link.

With an increasing number of companies and local and federal agencies
taking aggressive steps toward a low carbon economy, including mandating
emissions reduction, and banning internal combustion engines, XL’s
business has continued to grow. In 2017, XL delivered 234
hybrid-electric vans to Verizon, marking one of the fleet industry’s
largest-ever single deployment of electrified commercial vehicles in
vehicle Classes 2 to 6. XL continues its rapid expansion and expects
growth of more than 100 percent in 2018. Among new customer deployments
for XL is the University of California Los Angeles (UCLA), which is now
using XL’s hybrid-electric vans for student transport.

“Vehicle electrification is a global megatrend and hundreds of the
largest fleets are leading the way with hybrid-electric and plug-in
hybrid electric technology,” said Tod Hynes, CEO of XL. “Our work with
Fortune 500 companies provides a massive opportunity to improve business
operations and customer satisfaction while adding to their bottom lines
and meeting sustainability targets. Our momentum and team investments
will continue to drive us forward in meeting new demands for current and
future fleet customers, and our new branding – XL – will help represent
our diverse offerings for more plug-in and fleet electrification vehicle
solutions.”

The company, which offers the widest range of electrified commercial
truck offerings in the market, including vans, pickups, box trucks, and
shuttles, now plans to add 40 new employees in 2018, including software
developers, electronics hardware engineers, cloud systems engineers and
data scientists to support a range of new product development. The
company will focus on enhancing its XL Link vehicle telemetry platform,
which provides actionable intelligence on fleet electrification,
including fuel economy, speed, idling, vehicle drive cycle, and CO2
emissions reduction. XL Link offers the most accurate MPG measurement in
the industry and provides fleet managers with unprecedented understanding
of their drivers’ operations and vehicle charging behavior. XL also
recently announced its new HEV Ford F-250 and PHEV Ford F-150 offerings
for commercial fleets.

After raising more than $50M in funding to date from industry
heavyweights such as IKEA and Exelon investment arm Constellation
Technology Ventures (CTV), XL has added new members to its boards,
including Scott Dupcak from Exelon’s CTV group, and new advisory board
member, Rick Wagoner, former CEO of General Motors.

For more information on XL’s technology and availability, visit www.xlfleet.com
or email info@xlfleet.com.

About XL

XL is the leader in connected fleet electrification solutions for
commercial and municipal fleets, relied on by customers such as The
Coca-Cola Company, Verizon, Yale University and the City of Boston. With
the revolutionarily simple XLH™ Hybrid Electric System and the XLP™
Plug-In Hybrid Electric System, fleet customers can increase fuel
economy by up to 25 percent and 50 percent respectively for Class 2 to 6
commercial fleets, as well as decrease operating costs, reduce carbon
dioxide emissions and meet sustainability goals with zero impact on
fleet operations or service. XL works with Ford, General Motors, Isuzu
and other major OEMs on the proven path to scaling thousands of
commercial trucks, vans and shuttles. Founded by MIT alumni and funded
by Constellation Technology Ventures, IKEA Group and private investors,
XL is based in Boston. For more information, visit www.xlfleet.com
or on Twitter @XLHybrids.

Contacts

Metis Communications
Justine Boucher, 617-236-0500
xlhybrids@metiscomm.com