XL Fleet, eNow Partner on Refrigerated Trailers
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XL Fleet Corp., a provider of in-vehicle electrification solutions for commercial and municipal fleets, announced an agreement and an investment in eNow Inc., a provider of solar and battery power systems that enable fully electric transport refrigeration units, among other features, for commercial vehicle trailers.
XL Fleet invested $3 million in convertible notes in Warwick, R.I.-based eNow, plus has the right to acquire eNow at a predetermined but undisclosed valuation.
“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,” Tod Hynes, founder and president of XL Fleet, said in a statement.
XL Fleet and eNow Announce Partnership to Electrify Refrigerated Trailers. $XL Read today’s news release: https://t.co/8jVfu4s7CT pic.twitter.com/GQCBG9dUk0 — XL Fleet (@XLFleet) July 21, 2021
Under the terms of the agreement, XL Fleet will supply battery and power electronics systems for the first 1,000 units of eNow’s new electrified refrigerated trailer solutions, according to the Boston-based company.
XL Fleet and eNow said they expect to deliver initial eTRUs beginning in the first half of 2022 to customers in industries including food, retail, manufacturing and distribution.
XL Fleet noted 50,000 diesel-powered refrigeration units are sold on new trailers annually in the United States, and the companies are collaborating on the design and development of the system that will power eTRUs, as a replacement for conventional diesel-powered systems. XL Fleet is developing the high-capacity integrated lithium-ion battery and power electronics technology that will be installed underfloor on the Class 8 trailer, providing approximately 12 hours or more of run time between charges. eNow will integrate this system into its architecture, including solar panels mounted on the roof of the trailer to maintain the battery charge and extend operation. — Transport Topics
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