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XL Fleet Shares Jump On Department of Defense Contract Win -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — XL Fleet Corp (NYSE:) jumped 15%, to $5.35 in early Tuesday trading after it told investors it has been awarded a contract by the Defense Innovation Unit and the U.S. Army’s Project Manager Transportation Systems to produce a prototype fuel-saving technology for military vehicles.

XL Fleet was one of the two companies that won the contract for the development of a pilot project in technology over the following 12 months. It began in October.

Tod Hynes (founder and president of XL Fleet) stated, “We are humbled by the chance to compete for this highly select U.S. Government contract for fuel-saving solutions to a wide variety of applications for tactical Military Vehicles.”

If successful, vehicle electrification solutions could apply the technology to thousands of current military vehicles for a variety of purposes. 

This contract forms part of the Defense Department’s effort to reduce fuel consumption across its military tactical vehicle fleet, which numbers more than a quarter million. 

Hynes explained that “we can help expand the operational range their tactical vehicles, support our troops’ safety, and provide significant fuel and operating costs savings, and reduce greenhouse gas emissions,”

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