XL Hybrids builds connected fleet electrification systems, including the XL3® Hybrid Electric Drive System and the XLP™ Plug‑In Hybrid Electric Drive System for Class 2–6 commercial vehicles. Its hardware and integrations are deployed with major OEMs such as Ford, General Motors and Isuzu and used by customers including The Coca‑Cola Company, Yale University, Harvard University and multiple municipalities. The company reports its customers have collectively driven over 50 million miles using the XL3 system and says its solutions can increase fleet fuel economy by around 25 percent while reducing CO2 emissions with no impact on fleet operations. XL Hybrids recently achieved regulatory and product milestones, including a CARB Executive Order for Ford Transit vans, the first hybrid upfit for Ford F‑250s, an XLP upfit for F‑150s, and Ford Electrification Qualified Vehicle Modifier status. The company plans to expand its team and facilities, grow its hybrid and plug‑in product portfolio, and invest in additional proprietary technical solutions. Financially, XL Hybrids has raised more than $50 million to date to support development, sale and distribution of its fleet electrification solutions. XL Hybrids, incorporated in 2009 and based in Boston, provides fleet electrification solutions for commercial and municipal fleets. Its core product is the XL3 Hybrid Electric Drive System, compatible with new and existing Class 2 to 6 commercial vehicles and installable in less than six hours. The XL3 operates in the background with zero impact on fleet operations, requires no driver training, and does not require additional infrastructure. XL Hybrids supports customers including The Coca-Cola Company, FedEx and other major fleets. Financially, the company has raised $20 million to date, including a $10.5M Series C financing. XL Hybrids develops low-cost hybrid electric powertrains for class 1 to 4 commercial fleet vehicles and installs them as upfits or on existing vehicles. Its patent-pending XL3 inline hybrid technology stores energy from braking and reapplies it during acceleration, reducing fuel use and CO2 emissions by up to 21.2% on urban routes while maintaining durability and reliability. The company has developed a third-generation XL3 powertrain, established production capacity of more than 1,000 units per year, and recently began exporting to Canadian customers. XL Hybrids is based in Boston and was founded by MIT alumni. Financially, it previously closed a $6 million Series B in early 2013 and has secured additional financing to support growth. The company says it will use new funds to accelerate sales and deliveries to Fortune 500 customers, including FedEx Express, and anticipates raising a Series C equity round in 2014. XL Hybrids designs, manufactures and installs a patent-pending low-cost hybrid electric powertrain that can be fitted to new or existing class 1–3 commercial vans and trucks. The system stores energy from braking and reapplies it during acceleration, reducing fuel consumption by about 20 percent and cutting CO2 emissions by up to 21.2 percent on urban routes. The company recently expanded its product line to support Ford E-Series vans, enabling coverage of more than 75 percent of light-duty van fleet buyers. XL Hybrids has validated its technology in the field with multiple Fortune 500 customers and has an installation and distribution agreement with Leggett & Platt Commercial Vehicle Products (CVP). Based in Boston and founded by MIT alumni, the company is focused on scaling delivery, expanding geographic reach, and broadening availability of its hybrid powertrain.

Total raised

$40M

Funding rounds

4

Latest round

Series D

Latest activity

Oct 2017