XL Fleet (NYSE: XL), a provider of electrification solutions for commercial and municipal fleets, has acquired World Energy Efficiency Services for cash and stock totaling approximately $16 million.

World Energy provides energy efficiency, renewable technology and EV charging stations to customers in the New England region. The company offers full-service EVSE installations, including site assessment, planning and installation.

“Some of our largest customers have identified that fleet facility power constraints create a unique and large challenge when trying to charge dozens and even hundreds of vehicles at the same location,” said Tod Hynes, founder and President of XL Fleet. “The team at World Energy is filled with experts that can help solve this problem by incorporating energy efficiency measures and solar power, while integrating EV charging to increase the amount of energy available for fleet vehicle charging. This transaction reflects a highly complementary addition to our XL Grid offering, improving our ability to reduce the total cost of ownership for the charging infrastructure needed to power fleet vehicles.”

“The highly strategic bolt-on acquisition is consistent with our growth strategy and our focus on electrification as a service, and was enabled by our new public platform with more than $400 million of cash,” said Dimitri Kazarinoff, CEO of XL Fleet. “Our customers will greatly benefit from the supplementary energy efficiency services that we will gain with [this] acquisition. World Energy amplifies the value of our XL Grid division by embedding critical charging solutions to deliver energy and cost savings to our customers.”

Source: XL Fleet