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XL Fleet acquires WEES to accelerate fleet electrification and expand charging infrastructure offering

XL Fleet Corp., a provider of fleet electrification solutions for commercial and municipal fleets, has acquired World Energy Efficiency Services, LLC (WEES) for total cash and stock consideration of approximately $16 million. WEES provides energy efficiency, renewable technology, electric vehicle charging station and other energy solutions to customers across the New England region.

By leveraging its solutions in combination with utility incentive programs, project management and financing, World Energy assists companies throughout all aspects of the electrification process. The company provides full-service EV charger installations, including the assessment of a location’s electrical infrastructure, site layout of the charging area plan and equipment installation.

The highly strategic bolt-on acquisition is consistent with our growth strategy, our focus on electrification as a service, and was enabled by our new public platform with more than $400 million of cash. As our customers look to install and operationalize their electric fleets, they will need seamless electric charging infrastructure. Our customers will greatly benefit from the supplementary energy efficiency services that we will gain with the acquisition of World Energy and its experienced team. World Energy amplifies the value of our XL Grid division by embedding critical charging solutions to deliver energy and cost savings to our expanding base of customers.

—Dimitri Kazarinoff, CEO of XL Fleet

Total consideration for the World Energy acquisition is approximately $16 million, comprising $8.0 million in cash paid on the closing date and the obligation to issue newly issued shares of XL Fleet common stock valued at $7.0 million. The purchase price is subject to an adjustment for closing date net working capital and an additional earn out payment of $1.0 million payable based on the achievement of World Energy’s 2021 revenue target.

World Energy generated $18 million of total revenue and was free cash flow positive for full-year 2020. The transaction was approved by both companies' Boards of Directors and was closed effective 17 May 2021.

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