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
Locked
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Phone
Locked
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Website
Locked
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Social
Locked
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Annual Revenue
Not available
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Net Profit
Not available
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EBITDA
Not available
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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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People of XL Fleet Electrification
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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.
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.
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Early-stage energy startups are invested in by Constellation Technology Ventures.
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Ready-to-assemble home furnishings are manufactured and retailed by IKEA.
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Investor details for XL Fleet Electrification
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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.
Investment portfolio details for XL Fleet Electrification
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| Company Name | Description | Domain | Location | Founded Year | Amount |
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Developer of solar energy projects
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Solar energy projects are developed for global efficiency.
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Locked | Locked | 2010 | Locked |
Complete acquisition details for XL Fleet Electrification
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Financial Statements - XL Fleet Electrification
Detailed financials for XL Fleet Electrification
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Xl Fleet Electrification Comparisons
Peer comparison for XL Fleet Electrification
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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.
| Company Name | Domain | Founded year | HQ Location | Description |
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Drive systems and components for commercial electric vehicles are supplied.
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Electric hybrid systems are developed for heavy-duty trucks.
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Develops innovative hybrid electric technologies for commercial vehicles.
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Detailed competitors of XL Fleet Electrification
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Latest news on Xl Fleet Electrification
Complete news archive for XL Fleet Electrification
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Frequently Asked Questions about XL Fleet Electrification
XL Fleet Electrification was founded in 2009.
XL Fleet Electrification is headquartered in Boston, United States. It is registered at Boston, Massachusetts, United States.
Dimitri Kazarinoff is the current CEO of XL Fleet Electrification.
XL Fleet Electrification is a funded company, having raised a total of $77.27M across 12 funding rounds to date.
As of Dec 31, 2023, the latest employee count at XL Fleet Electrification is 142.
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.
XL Fleet Electrification has made 2 acquisitions, including Spruce Power, and World Energy Efficiency Services.
XL Fleet Electrification has 5 investors. Key investors include IKEA, Shyft Group, DOE, Constellation Technology Ventures, and Windsail Capital Group.