XL Fleet Corp. announced a battery and power electronics development and supply agreement and an investment in eNow to supply battery and power electronics systems for the first 1,000 units of eNow’s new electrified refrigerated trailer solutions.
“XL Fleet’s mission to help corporations and their fleets lower operating costs while supporting sustainability goals aligns closely with ours,” said Jeff Flath, president & CEO at eNow. “This partnership will change the way the transportation industry thinks about energy and refrigerated transportation, as together we will offer the most advanced renewable power systems for reefer trailers, coupled with charging infrastructure, to eliminate a major source of diesel fuel consumption and emissions for fleets.”
The companies are working together for the development of a system that will power fully-electric Transport Refrigeration Units (eTRUs).
XL Fleet invested $3 million in convertible notes in eNow. XL Fleet has the right to acquire eNow at a predetermined valuation, according to the company’s press release.
XL Fleet is developing an integrated lithium-ion battery and power electronics technology, which will be installed underfloor on the Class 8 trailer. This will provide approximately up to 12 hours of run time between charges. eNow will use this system into its solar panels mounted on the roof of the trailer to maintain the battery charge and extend operation.
The parties are expected to deliver the first round of eTRUs in the first half of 2022 to customers in the food, retail, manufacturing and distribution industries.
An estimated 50,000 new diesel-powered refrigerated trailers are sold annually in the U.S. The partnership improves XL Fleet’s position to work with Class 8 transportation customers and provide electrified powertrains and XL Grid charging infrastructure.
Since 2011, eNow has developed mobile solar battery charging systems for the commercial fleet market. It is a provider of solar and battery power systems that enable eTRUs for Class 8 commercial trailers.
“Our partnership and associated investment is consistent with our fleet electrification strategy, and provides us with efficient access to a large market with significant growth potential, while opening new doors for additional opportunities to provide our integrated fleet electrification and XL Grid solutions to Class 8 fleets,” said Tod Hynes, Founder and President of XL Fleet.
