Tod Hynes, President & Founder, XL Fleet. Photo credit: Massachusetts Clean Energy Center, under Creative Commons license

XL Fleet, a Boston-based automotive electrification company, has reached a deal to go public by merging with blank-check company Pivotal Investment Corp. II, as first reported [paywall] by Bloomberg. According to Bloomberg, Pivotal Investment Corp. II, which already raised $230 million from investors in its public listing last year, has held talks to raise $150 million more for a deal with XL Fleet. The combined company will be valued at about $1 billion after the deal, Bloomberg reports.

XL Fleet is a Boston-based company that makes electrification systems for automobiles. The company’s products enable normally gasoline-powered trucks, vans, shuttles, and the likes to draw power from electrical systems and cut down fuel consumption. XL Fleet was founded (then named XL Hybrids) in 2009, at a time when the electric vehicle market wasn’t anything compared to as it is today. The company was founded by alumni of the famed Massachusetts Institute of Technology (MIT) and is funded by investors including Constellation Technology Ventures and Swedish retailer IKEA. As a private company, XL has raised over $50 million in funding. 

XL Fleet currently works with automakers including Ford, General Motors, and Isuzu. Among the company’s customers include notable names like Verizon, Yale University, Coca-Cola, and the city of Boston.

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