M&A Deal Summary

XL Fleet Acquires World Energy Efficiency Services

On May 17, 2021, XL Fleet acquired energy services and equipment company World Energy Efficiency Services for 16M USD

Acquisition Highlights
  • This is XL Fleet’s 1st transaction in the Energy Services and Equipment sector.
  • This is XL Fleet’s 2nd largest (disclosed) transaction.
  • This is XL Fleet’s 2nd transaction in the United States.
  • This is XL Fleet’s 1st transaction in Massachusetts.

M&A Deal Summary
Date 2021-05-17
Target World Energy Efficiency Services
Sector Energy Services and Equipment
Buyer(s) XL Fleet
Deal Type Add-on Acquisition
Deal Value 16M USD

Target

World Energy Efficiency Services

Worcester, Massachusetts, United States
World Energy Efficiency Services operates throughout New England and within over 16 different efficiency, electric vehicle charging station, and commercial solar programs. With the addition of their electric vehicle charging station and commercial solar offerings, World Energy Efficiency Services provides the most comprehensive energy solution packages in the industry. World Energy Efficiency Services was founded in 2015 and is based in Worcester, Massachusetts.

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Buyer(S) 1

Buyer

XL Fleet

Boston, Massachusetts, United States
Category Company
Founded 2009
Sector Automotive
Employees59
Revenue 20M USD (2020)
DESCRIPTION

XL Fleet engages in vehicle electrification solutions for commercial and municipal fleets in North America, relied on by customers such as The Coca-Cola Company, Verizon, Yale University, and the City of Boston. With its fleet-ready XLH hybrid electric drive system and the XLP plug-in hybrid electric drive system, Class 2 to 6 commercial and municipal customers can increase fuel economy by up to 25-50 percent and reduce carbon dioxide emissions by up to 20-33 percent, decreasing operating costs and meeting sustainability goals with no impact on fleet operations. XL Fleet was founded in 2009 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 2 of 3
Sector (Energy Services and Equipment) 1 of 1
Type (Add-on Acquisition) 1 of 2
State (Massachusetts) 1 of 1
Country (United States) 2 of 3
Year (2021) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-15 Quantum Fuel Systems Technologies Worldwide - Electrification Division

Lake Forest, California, United States

Quantum Fuel’s Electrification Division provides alternative fuel systems for the automotive and heavy-duty fleet industries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-12 Spruce Power

Houston, Texas, United States

Spruce Power owns and operates more than 52,000 residential rooftop solar systems. The company sells the power generated by its systems to homeowners pursuant to long-term agreements that obligate the company’s subscribers to make recurring monthly payments. Spruce Power is headquartered in Houston, Texas.

Buy $59M
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