XL Fleet (NYSE:XL) stock is heading higher on Thursday after announcing a partnership with Curbtender.
XL Fleet and Curbtender will work together to create new garbage trucks to be used. This will include all-electric trucks, as well as hybrid plug-in charging trucks. The goal is to develop and launch an electric garbage truck within a year’s time.
The deal between the two companies will have XL Fleet providing the XL Electric propulsion system for the vehicle. Curbtender’s contribution is the Quantum rear loader refuse truck body that this system will be equipped to.
XL Fleet notes that the growing waste industry is a strong candidate for electrification with refuse trucks making up a $7 billion industry. It also says that these trucks make up 1.4% of fuel consumption in the transportation industry. That means there are significant environmental gains to be made by switching it over to electric power.
Dimitri Kazarinoff. CEO of XL Fleet, said this about the news boosting the company’s stock up today.
“This partnership represents several exciting milestones that are well aligned with XL Fleet’s product and business strategy. As our first publicly referenced all-electric powertrain and our first Class 6 application for the waste management industry, we believe the EV Quantum and other jointly developed products with Curbtender will open up multiple new market opportunities for the Company in the coming years.”
Here’s some other recent news concerning XL stock from InvestorPlace.
- XL Stock Is Positioned Well to Climb Higher
- Relax and Set Your Price Target High for XL Fleet
- XL Fleet Is Ready to Meet the New Focus on Climate Change
- XL Fleet News: New Analyst Call Revs Up XL Stock
- XL Fleet Is Worth Over 70% More Now That Its SPAC Merger Has Closed
XL stock was up 9.4% as of Thursday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.