Thursday, July 22, 2021 8:05:31 AM
By Sheryl Sheth, Jul 22, 2021, 02:26 AM
https://www.tipranks.com/news/xl-fleet-partners-with-enow-to-electrify-refrigerated-trucks-shares-jump?utm_source=advfn.com&utm_medium=referral
XL Fleet Corp. (XL) announced its partnership with eNow, Inc., together with a $3 million investment in eNow’s convertible notes, to support the commercialization of its new Class 8 commercial trailers. Shares jumped 6.7% on the news in after-hours trading on July 21.
XL Fleet provides vehicle electrification solutions for commercial and municipal fleets, while eNow provides renewable energy systems for heavy-duty trucks and trailers.
Per the terms of the deal, XL Fleet will supply battery and power electronics systems for the first 1,000 units of eNow’s new electrified refrigerated trailer solutions. (See XL Fleet stock charts on TipRanks)
The scope for the electrification of the traditional diesel-powered refrigerated trailers represents a multi-billion-dollar total addressable market potential as around 50,000 new trailers are sold annually.
The fully-electric Transport Refrigeration Units (eTRUs) will significantly reduce diesel emissions and lower its cost of ownership.
Additionally, the partnership will open the door for the cross-selling of XL’s other offerings, such as electrified powertrains and XL Grid charging infrastructure.
Currently, XL is developing a high-capacity lithium-ion battery that will provide about 12 hours of run time between charges. Once done, eNow will integrate the same into its solar panels mounted on the roofs of the trailers. The inbuilt thermal management system will enable the year-round operation of the eTRUs in North America.
Moreover, under XL’s Electrification-as-a-Service offering, the company will provide finance or leasing options for the eTRUs and related infrastructure to customers.
The initial delivery of the eTRUs is expected to begin in the first half of 2022, serving customers in the food, retail, manufacturing, and distribution industries.
Jeff Flath, President & CEO at eNow said, “This partnership will change the way the transportation industry thinks about energy and refrigerated transportation, as together we will offer the most advanced renewable power systems for reefer trailers, coupled with charging infrastructure, to eliminate a major source of diesel fuel consumption and emissions for fleets.”
Along with XL’s initial investment in eNow, it also has the right to acquire eNow at a predetermined valuation in the future.
XL Fleet stock has a Moderate Buy consensus rating based on 1 Buy versus 1 Hold. The average XL Fleet price target of $7.50 implies 6.1% upside potential to current levels. Shares have lost 64.8% year-to-date.
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