XL Fleet Introduces Hybrid Electric Drive System Upfit for Isuzu NPR-HD

XL Hybrid System is Now Available on Isuzu NPR-HD Low Cab Forward Vehicles Serving

Demanding Applications Including Last Mile Delivery, Beverage Distribution, Utility Work and Food Service

BOSTON--()--XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leader in vehicle electrification solutions for commercial and municipal fleets, today announced that its XL Hybrid electric drive system is now available as an upfit solution for the new Isuzu NPR-HD. The electrification system is XL Fleet’s newest product release and enables Isuzu customers to electrify one of its newest and most popular medium duty low cab forward vehicles, which is ideally suited for demanding applications including last mile delivery, beverage distribution, utility work and food service.

Featuring a high efficiency lithium-ion battery, electric motor, inverter and control software, the XL Hybrid system transforms traditional gas-powered fleet vehicles into hybrid electric units with no operational disruption to the fleet. The NPR-HD is the second Isuzu vehicle XL Fleet has electrified, after originally launching its hybrid system on the Isuzu Reach™ diesel walk-through van for a global package delivery customer in 2015.

“XL Fleet is thrilled to be launching our hybrid platform on the NPR-HD and expanding our electrification portfolio with the latest high-performance fleet truck from Isuzu,” said Dimitri Kazarinoff, Chief Executive Officer at XL Fleet. “We continue to expand our industry leading breadth of electrification offerings enabling our customers to address sustainability objectives today, not just someday in the future.”

“We are excited that XL Fleet has chosen our world-class NPR-HD to deploy their hybrid electric drive system on,” said Shaun Skinner, President of Isuzu Commercial Truck of America. “The superior maneuverability and all the other advantages of the NPR-HD will bring many benefits to our fleet customers in the years to come.”

On June 9, 2021, XL Fleet displayed its hybrid electric drive system on the Isuzu NPR-HD at its Michigan Fleet Electrification Technology Center ribbon cutting ceremony with Governor Gretchen Whitmer.

XL Fleet’s hybrid system on the Isuzu NPR-HD is now available for purchase throughout North America. It is currently available on NPR-HD models with a 6.6L gas powered engine, on 150” and 176” wheelbases, and with both standard and crew cab configurations. To learn more or receive a quote, email sales@xlfleet.com.

About XL Fleet Corp.

XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, with more than 150 million miles driven by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. XL Fleet’s hybrid and plug-in hybrid electric drive systems can increase fuel economy up to 25-50 percent and reduce carbon dioxide emissions up to 20-33 percent, decreasing operating costs and meeting sustainability goals while enhancing fleet operations. XL Fleet’s plug-in hybrid electric drive system was named one of TIME magazine's best inventions of 2019. For additional information, please visit www.xlfleet.com.

About Isuzu

Isuzu commercial trucks have been the best-selling low cab forward trucks in the combined U.S.-Canadian market for 35 consecutive years. Headquartered in Anaheim, California, Isuzu Commercial Truck of America, Inc. is the distributor of Isuzu commercial vehicles in the United States. Isuzu Commercial Truck of America is a subsidiary of Isuzu Motors Limited, one of the world’s largest manufacturers of medium- and heavy-duty trucks. For more information, call (866) 441-9638 or visit www.isuzucv.com.

Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to failure to realize the anticipated benefits from the business combination; the effects of pending and future legislation; the highly competitive nature of the Company’s business and the commercial vehicle electrification market; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones; the effects of competition on the Company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 31, 2021, as amended and supplemented by the 10-K/A filed May 17, 2021, and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.

Contacts

XL Fleet Media Contact:
PR@xlfleet.com

XL Fleet Investor Contact:
xlfleetIR@icrinc.com

Contacts

XL Fleet Media Contact:
PR@xlfleet.com

XL Fleet Investor Contact:
xlfleetIR@icrinc.com