XL Fleet Inc. (NASDAQ: XL) stock surges by 25.84% in the current market trading session after XL announced that XL Fleet that Apex’s automotive fleet will be electrified by XL Fleet as part of a concerted plan to minimize carbon emissions. Apex Clean Energy, a growing clean energy company that designs, builds, and manages utility-scale wind and solar power facilities throughout North America, and XL Fleet Corp, a pioneer in fleet electrification solutions.
What is happening?
On April 7, 2021, XL Fleet announced that they will electrify Apex’s automotive fleet with the aim to reduce carbon emissions. Apex’s first investment in automotive electrification, the order will deliver 19 electrified Ford F-series pickup trucks to its distribution fleet in the second quarter of 2021, including ten plug-in hybrid electric and nine hybrid electric systems. Apex’s existing sustainability priorities and organizational criteria are aligned with the strategic combination of hybrid and plug-in hybrid electric vehicles being introduced, while also encouraging it to consider increasing its electrification investments as it substitutes more vehicles in the future.
As Apex fixes renewable power generation equipment and facilities across North America, XL Fleet’s electrification systems will allow Apex to equip its project teams with a wide variety of cleaner, more fuel-efficient vehicles. The plug-in hybrid vehicles will be distributed to Apex’s operations staff, who will have access to charging infrastructure built at the operational wind and solar facilities.
The hybrid vehicles are expected to be used by Apex’s on-site construction team, who do not have routine access to charging facilities and will benefit from the XL Fleet hybrid system’s regenerative braking. Apex has commercialized $9 billion in wind and solar projects over the last decade, reflecting approximately 7 GW of renewable energy potential.
Under this new project started between XL Fleet and Apex clean energy, it is anticipated that this collaboration is highly beneficial not just for the two companies but also for the environment. Investors might find this as a good time to invest in XL stock that is why the XL stock price is surging high.