XL has surpassed 60 million customer miles driven and achieved one of its largest deployments of electrified Class 2 to 6 truck technology in 2017. The company also announced the re-branding of the company to XL (from XL Hybrids) as the company moves to offer more plug-in vehicle systems to complement XL's core hybrid-electric technology, as well as enhancements to its connected vehicle telemetry offering, XL Link.

With an increasing number of companies and local and federal agencies taking aggressive steps toward a low carbon economy, including mandating emissions reduction, and banning internal combustion engines, XL's business has continued to grow. In 2017, XL delivered 234 hybrid-electric vans to Verizon, marking one of the fleet industry's largest-ever single deployment of electrified commercial vehicles in vehicle Classes 2 to 6. XL continues its rapid expansion and expects growth of more than 100 percent in 2018. Among new customer deployments for XL is the University of California Los Angeles (UCLA), which is now using XL's hybrid-electric vans for student transport, according to the company.

"Vehicle electrification is a global megatrend and hundreds of the largest fleets are leading the way with hybrid-electric and plug-in hybrid electric technology," said Tod Hynes, CEO of XL. "Our work with Fortune 500 companies provides a massive opportunity to improve business operations and customer satisfaction while adding to their bottom lines and meeting sustainability targets. Our momentum and team investments will continue to drive us forward in meeting new demands for current and future fleet customers, and our new branding will help represent our diverse offerings for more plug-in and fleet electrification vehicle solutions."

The company, which offers the widest range of electrified commercial truck offerings in the market, including vans, pickups, box trucks, and shuttles, now plans to add 40 new employees in 2018, including software developers, electronics hardware engineers, cloud systems engineers and data scientists to support a range of new product development.

The company will focus on enhancing its XL Link vehicle telemetry platform, which provides actionable intelligence on fleet electrification, including fuel economy, speed, idling, vehicle drive cycle, and carbon-dioxide emissions reduction. XL Link offers the most accurate MPG measurement in the industry and provides fleet managers with an unprecedented understanding of their drivers' operations and vehicle charging behavior. XL also recently announced its new HEV Ford F-250 and PHEV Ford F-150 offerings for commercial fleets.

After raising more than $50 million in funding to date from IKEA and Exelon investment arm Constellation Technology Ventures (CTV), XL has added new members to its boards, including Scott Dupcak from Exelon's CTV group, and new advisory board member, Rick Wagoner, former CEO of General Motors.