XL Fleet and Rubicon Collaborate to Accelerate Fleet Electrification in Waste and Recycling Industry

Collaboration to provide fleet Electrification-as-a-Service to haulers to reduce capital and operating costs while lowering emissions

Positions XL Fleet to capitalize on the significant market opportunity from deploying clean vehicles and charging infrastructure across North America

XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leader in fleet electrification solutions for commercial and municipal fleets, announced an agreement with Rubicon, a software platform that provides smart waste and recycling solutions for businesses and governments worldwide, to bring XL Fleet’s offerings for fleet electrification to Rubicon’s network of waste and recycling hauler partners.

This will allow XL Fleet to grow its customer base by jointly approaching Rubicon’s expansive partner network with the Electrification-as-a-Service offering. XL Fleet aims to provide hybrid electric, plug-in hybrid and all-electric solutions, as well as deliver charging infrastructure through its XL Grid division, as a complete, end-to-end offering to Rubicon’s network of more than 7,000 vendor and hauler partners across the United States. XL Fleet and Rubicon can significantly accelerate fleet electrification in this space by reducing upfront costs and complexity. This also creates an opportunity for infrastructure investors to deploy significant capital into clean vehicle and charging infrastructure assets.

With over 150 million customer miles driven and more than 4,300 units on the road, XL Fleet is the leader in fleet electrification solutions for Class 2-6 commercial and municipal vehicles, with plans to expand its product offering into heavy duty applications including waste management. The company is excited to advance on its Electrification-as-a-Service offering and accelerate the electrification of Rubicon’s network of hauler partners.

“We are extremely proud to partner with technology leaders like Rubicon and bring our comprehensive fleet electrification solutions to its broad partner base of fleet managers within the waste management space,” said Tod Hynes, Founder and President at XL Fleet. “The market opportunity to help electrify the waste and recycling industry is significant as fleets look to meet their sustainability goals, and this collaboration expands and advances our existing efforts to capitalize on this growing opportunity. With the help of XL Fleet’s electrification offering, Rubicon will be able to offer solutions to its network of hauler partners, and bring enhanced cost-efficiency, convenience and performance to their fleets.”

“We are committed to securing smart waste and recycling solutions for our customers and partners, who are now increasingly looking to electrify their fleets and drive tangible sustainability success in their businesses and operations,” said David Rachelson, Chief Sustainability Officer at Rubicon. “With XL Fleet’s cutting-edge electrification solutions, analytics capabilities, and charging infrastructure solutions, we can deliver real value by streamlining the process of fleet electrification. Rubicon is looking forward to helping our sustainability-focused hauler partners electrify their recycling and waste management fleets with the help of XL Fleet’s comprehensive Electrification-as-a-Service suite of offerings.”

This latest partnership builds on XL Fleet’s existing initiatives in the waste and recycling space announced earlier this year, including a key partnership with refuse trucks provider Curbtender, to develop all-electric and plug-in hybrid vehicles. For sales inquiries related to this partnership, please contact: EaaS@xlfleet.com.

About XL Fleet Corp.

XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, with more than 150 million miles driven by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. XL Fleet’s hybrid and plug-in hybrid electric drive systems can increase fuel economy up to 25-50 percent and reduce carbon dioxide emissions up to 20-33 percent, decreasing operating costs and meeting sustainability goals while enhancing fleet operations. XL Fleet’s plug-in hybrid electric drive system was named one of TIME magazine's best inventions of 2019. For additional information, please visit www.xlfleet.com.

About Rubicon

Rubicon is a software platform that provides smart waste and recycling solutions for businesses and governments worldwide. Using technology to drive environmental innovation, the company helps turn businesses into more sustainable enterprises, and neighborhoods into greener and smarter places to live and work. Rubicon’s mission is to end waste. It helps its partners find economic value in their waste streams and confidently execute on their sustainability goals. Learn more at Rubicon.com.

Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to failure to realize the anticipated benefits from the business combination; the effects of pending and future legislation; the highly competitive nature of the Company’s business and the commercial vehicle electrification market; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones; the effects of competition on the Company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 31, 2021, as amended and supplemented by the 10-K/A filed May 17, 2021, and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.

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