Pivotal Investment Corporation II (NYSE: PIC), shares jumped 17.62% to $18.02 in the after-hours on Friday as it continues to work diligently toward the completion of its previously announced merger with XL Fleet. Following the closing, the combined company will operate as XL Fleet Corp., under the ticker symbol XL and its warrants “XL WS”, respectively.
The XL Fleet Corporation, a leader in commercial and municipal fleet electrification solutions, revealed recently that its electrified powertrain product line now includes a hybrid power system for the Ford F-550 Super Duty chassis.
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Within six months, the new system was developed and brought to market to accommodate a significant and growing commercial fleet demand for electrified F-550 chassis, used for municipal transportation, utility equipment, construction equipment, and customer service vehicles.
By the end of 2020, the F-550 vehicles will be fitted with XL Fleet’s hybrid electric drive system and start arriving at customers. Hybrid electric drive systems from XL Fleet provide significant fuel economy improvement while reducing greenhouse gas emissions, which is essential to meeting fleet sustainability goals.
Dimitri Kazarinoff, Chief Executive Officer of XL Fleet, said in a statement that Company’s electrified F-550 platform was launched with the world’s leading vehicle manufacturers. The launch illustrates XL Fleet’s responsive business model and outstanding engineering capabilities. Besides demonstrating the ability to create new products when the customer demands them, it also illustrates its commitment to customer satisfaction.
Meanwhile, XL Fleet continues to work diligently toward completing its previously announced merger with Pivotal Investment Corporation II (NYSE: PIC), a publicly-traded special purpose acquisition company. Following the closing, the combined company will operate as XL Fleet Corp., under the ticker symbol XL and its warrants “XL WS”, respectively.