About XL Fleet Electrification
XL Fleet Electrification is a company based in Boston (United States) founded in 2009 by Tod Hynes was acquired by Shyft Group in January 2023.. XL Fleet Electrification has raised $77.27 million across 12 funding rounds from investors including IKEA, Shyft Group and DOE. The company has 142 employees as of December 31, 2023. XL Fleet Electrification has completed 2 acquisitions, including Spruce Power and World Energy Efficiency Services. XL Fleet Electrification operates in a competitive market with competitors including Magtec, Effenco and Hybritek, among others.
- Headquarter Boston, United States
- Employees 142 as on 31 Dec, 2023
- Founders Tod Hynes
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Sectors
Transportation, Automotive & Logistics
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Email
***********
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Phone
*********
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Website
*********
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Social
*********
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$77.27 M (USD)
in 12 rounds
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Latest Funding Round
$22.23 M (USD), Series D
Oct 13, 2017
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Investors
IKEA
& 4 more
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Employee Count
142
as on Dec 31, 2023
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Investments & Acquisitions
Spruce Power
& 1 more
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Acquired by
Shyft Group
(Jan 04, 2023)
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Funding Insights of XL Fleet Electrification
XL Fleet Electrification has successfully raised a total of $77.27M across 12 strategic funding rounds. The most recent funding activity was a Series D round of $22.23 million completed in October 2017. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 12
- Last Round Series D — $22.2M
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First Round
First Round
(13 Jul 2009)
- Investors Count 4
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Oct, 2017 | Amount | Series D - XL Fleet Electrification | Valuation | IKEA , Constellation Technology Ventures |
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| Oct, 2017 | Amount | Series D - XL Fleet Electrification | Valuation |
investors |
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| Sep, 2016 | Amount | Grant - XL Fleet Electrification | Valuation |
investors |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in XL Fleet Electrification
XL Fleet Electrification has secured backing from 5 investors, including institutional and venture fund investors. Prominent investors backing the company include IKEA, Shyft Group and DOE. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Early-stage energy startups are invested in by Constellation Technology Ventures.
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Founded Year | Domain | Location | |
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Ready-to-assemble home furnishings are manufactured and retailed by IKEA.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by XL Fleet Electrification
XL Fleet Electrification has strategically engaged in corporate development activities, having acquired 2 companies. Notable acquisitions include Spruce Power and World Energy Efficiency Services. These strategic investments and acquisitions demonstrate the company's commitment to growth through portfolio expansion, market consolidation, technology integration, and strategic partnerships that enhance competitive positioning and drive long-term value creation.
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|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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2012 | ||||
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Solar energy projects are developed for global efficiency.
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2010 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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OVO is recognized as a smart digital payment application.
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2017 | ||||
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Bionic investment advisor platform
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 |
Financial Statements - XL Fleet Electrification
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Xl Fleet Electrification Comparisons
Competitors of XL Fleet Electrification
XL Fleet Electrification operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Magtec, Effenco and Hybritek, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Drive systems and components for commercial electric vehicles are supplied.
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| domain | founded_year | HQ Location |
Electric hybrid systems are developed for heavy-duty trucks.
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| domain | founded_year | HQ Location |
Develops innovative hybrid electric technologies for commercial vehicles.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Xl Fleet Electrification
Frequently Asked Questions about XL Fleet Electrification
When was XL Fleet Electrification founded?
XL Fleet Electrification was founded in 2009.
Where is XL Fleet Electrification located?
XL Fleet Electrification is headquartered in Boston, United States. It is registered at Boston, Massachusetts, United States.
Who is the current CEO of XL Fleet Electrification?
Dimitri Kazarinoff is the current CEO of XL Fleet Electrification.
Is XL Fleet Electrification a funded company?
XL Fleet Electrification is a funded company, having raised a total of $77.27M across 12 funding rounds to date.
How many employees does XL Fleet Electrification have?
As of Dec 31, 2023, the latest employee count at XL Fleet Electrification is 142.
What does XL Fleet Electrification do?
XL Fleet was founded in 2009 and is headquartered in Boston, United States. Cloud-enabled fleet electrification systems are developed, including hybrid electric drive systems and plug-in hybrid variants. These are integrated with a vehicle connectivity platform to support fleet operators in lowering emissions and fuel expenses. Operations target vans, pickup trucks, shuttle buses, delivery vehicles, and box trucks within the electrification sector.
Who are the top competitors of XL Fleet Electrification?
How many acquisitions has XL Fleet Electrification made?
XL Fleet Electrification has made 2 acquisitions, including Spruce Power, and World Energy Efficiency Services.
Who are XL Fleet Electrification's investors?
XL Fleet Electrification has 5 investors. Key investors include IKEA, Shyft Group, DOE, Constellation Technology Ventures, and Windsail Capital Group.