XL Fleet Launches Its XL Grid Division With Charging Infrastructure Solutions

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XL Fleet (the “Company”), a leader in vehicle electrification solutions for commercial and municipal fleets, announced that it has entered into a partnership with a commercial EVSE (electric vehicle supply equipment) supplier to begin the launch of its XL Grid division. XL Grid will provide charging infrastructure, energy storage and power solutions for electrified fleets. XL Fleet customers can now purchase XL Grid charging systems separately or as part of an order for vehicles with the Company’s electrified powertrain.

XL Fleet currently has over 200 fleet customers across the U.S. and Canada and expects they will require at least 100,000 charging stations in the next several years based on their growing demand for electric vehicles. XL Fleet intends to continue expanding its XL Grid division to meet these energy demands. XL Grid will provide an innovative array of
software, hardware and strategic partnerships to power a complete Electrification as a Service solution.

“Fleet electrification requires a massive rollout of vehicle charging infrastructure, and XL Fleet has the customers and data already in place to quickly deliver charging solutions through our XL Grid offering,” said Tod Hynes, Founder and Chief Strategy Officer of XL Fleet. “XL Grid is a critical component of our Electrification as a Service strategy, and positions XL Fleet to provide customers with comprehensive energy solutions including charging stations, onsite energy storage, solar power, and optimized energy supply and management.”

“We believe we are well-positioned to capitalize on the tremendous demand for charging infrastructure and EV adoption, supported by our established track record and portfolio of over 200 customers using our products today. These customers are already looking to accelerate their own electrification strategies, and we expect additional large-scale opportunities to be driven by the incoming presidential administration,” said Dimitri Kazarinoff, Chief Executive Officer of XL Fleet. “We are committed to deploying all necessary resources to grow XL Grid into an integral component of our service offering
in years to come.”

XL Fleet remains on track to complete its previously announced merger with Pivotal Investment Corporation II (NYSE: PIC), a publicly traded special purpose acquisition company, in December 2020. Upon closing, the combined company will be named XL Fleet Corp. and is expected to remain listed on the New York Stock Exchange under a new ticker symbol, “XL”.

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