Today, we’re happy to announce our $22 million Series D round, which adds great new strategic partners to the XL team. Constellation Technology Ventures (CTV) is the venture capital arm of Exelon, one of the largest utilities in the United States, and IKEA Group is a global leader with a strong commitment to renewable energy and fleet vehicle electrification. These partners enable us to broaden our fleet electrification solutions, achieve larger scale, and help more customers reduce fuel usage while saving money and reducing emissions. We were able to attract such great partners because XL has remained focused on developing electrification solutions that are both low-cost and highly scalable.
The XL team has done tremendous work and has been very disciplined over the years while successfully navigating major swings in oil prices and lots of noise in our industry. We have been able to achieve more than many of our competitors who have come and gone, and we’ve done it with a relatively lean budget for this industry. XL has systems in fleets across the US and Canada that have accrued over 50 million miles, and our production rate is now over 100 per month. To put this in perspective, Tesla had around 4 million customer miles when it went public.
Continue reading “XL Hybrids scales fleet vehicle electrification with IKEA and Constellation Technology Ventures”
As an avid “gearhead” I could not miss the opportunity to attend the 50th Annual SEMA (Specialty Equipment Market Association) Show in Las Vegas, along with the concurrent AAPEX (Automotive Aftermarket Products Expo) conference. Representing XL Hybrids, I had many great conversations and meetings with our current and potential suppliers, and with automotive industry experts. While SEMA is largely a consumer show, many companies with technology offerings for commercial fleet customers – the types of customers XL Hybrids targets with our commercial vehicle electrification solutions – were on display.
Walking the aisles, I observed that within the ever-expanding lineup of automotive technologies there are several significant commonalities with the strategic path XL Hybrids is taking:
– Rise of the connected vehicle
– Downsizing of engines
– Increasing sophistication of vehicle branding efforts
– Ability to install a product on both new and existing vehicles, and
– Global distribution and installation networks of automotive companies
Continue reading “Observations from SEMA: How XL Hybrids Aligns with Emerging Automotive Trends”
This article first appeared in The Fuse on September 21, 2016.
If you have read Vincentric’s recent lifecycle cost analysis,, which shows only seven of 29 hybrid vehicles offered in the 2016 model year had a lower total cost of ownership than their gasoline counterparts, you are now armed with some valuable information when you purchase your next vehicle. However, you may not have the whole story on hybrids.
While the Vincentric research accurately finds that in most cases today, purchasing a hybrid car or hybrid SUV simply doesn’t pencil out, this picture of hybrids changes dramatically when you look at hybrid-electric commercial vehicles like trucks and vans, which have much lower base MPG ratings than cars and SUVs, are driven more miles per year than typical consumer usage, and have longer life cycles on the road where all financial benefits to operators can be accrued over a longer period of time.
Let’s look at a sample case that is very typical of commercial vehicle duty and life cycles. Say a fleet shuttle bus or work truck drives 100 miles per day for 250 work days per year in urban and suburban stop-and-go driving, and gets 8 MPG over a 10-year lifespan. This vehicle will use $70,000 worth of fuel over its 10-year life, assuming the current $2.25-per-gallon price holds over that time.
Continue reading “Vincentric’s Hybrid Vehicle Analysis Omits the Best Economic Opportunity: Commercial Trucks”