XL Fleet’s share price is trading over 16% higher on Wednesday after the company announced it will be electrifying Apex Clean Energy’s vehicle fleet as part of an effort to reduce its carbon emissions.
The order is Apex’s first investment in vehicle electrification and will provide 19 electrified Ford F-series pickup trucks, including ten plug-in hybrid electric and nine hybrid electric systems for pickups in its service fleet, for delivery in the second quarter of 2021.
XL Fleet provides hybrid and plug-in hybrid electric drive systems for commercial vehicles.
Apex is planning to deploy the plug-in hybrid vehicles to its operations employees, who will have access to charging infrastructure installed at the operational wind and solar facilities.
“XL Fleet and Apex Clean Energy share a common goal of delivering sustainable products and services designed to protect our environment, and we are proud to become Apex’s electrified vehicle partner as they look to take immediate and significant steps toward reducing their carbon footprint,” said Brian Piern, VP of Sales and Marketing at XL Fleet.
XL Fleet’s share price rose to highs of $10.77 earlier in Wednesday’s session, although they have now fallen to $9.41 per share.
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