XL Fleet Unveils its First All-Electric Refuse Vehicle at WasteExpo 2022

Jointly developed with Curbtender, Inc., the completed pre-series unit of a battery electric refuse vehicle will be showcased at WasteExpo 2022 from May 9-12 in Las Vegas

XL Fleet experiencing strong customer demand for all-electric solution

XL Fleet Corp. (NYSE:XL) ("XL Fleet" or the "Company"), a leading provider of fleet electrification solutions, will today unveil at WasteExpo 2022 its first ever all-electric pre-series unit on the Curbtender Quantum refuse truck. The vehicle was developed in collaboration with Curbtender, Inc. ("Curbtender"), utilizing a Ford F-600 chassis. Curbtender is a market leader in under CDL refuse trucks and a pioneer in automated side loader collection. The EV solution is the first of three pre-series vehicles, and the companies plan to build and deliver multiple commercial units in 2022.

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XL Fleet & Curbtender's first all-electric pre-series unit on the Quantum refuse truck (Photo: Business Wire)

The platform was designed from the ground up to satisfy the challenging vocational operating conditions of refuse vehicles, resulting in a fleet-ready EV solution that delivers improved weight distribution, packaging, battery safety and performance. XL Fleet has experienced strong customer demand for this purpose-built solution across a wide range of conditions, and will continue to test and refine its current design with sales expected later in 2022.

The all-electric vehicle features a proprietary swing panel packing mechanism, which allows the packer to clear more trash in a shorter amount of time and with a smaller hopper requirement. The result is a faster, lighter rear loader with an industry leading payload. The zero-emission propulsion system will also become available on the Curbtender TomCat model, the company's most versatile refuse collection truck.

"The need for sustainable vehicle solutions in the waste management market has grown steadily, and XL Fleet and Curbtender are well positioned to serve that demand," said Eric Tech, CEO of XL Fleet. "Curbtender has been a terrific partner in jointly developing this vehicle and helping us expand our footprint and solutions scope where we see growth opportunities. The development of this all-electric vehicle is a significant step for XL Fleet, as we expand vehicle electrification and help our customers achieve their decarbonization goals."

"As a fleet electrification leader that offers charging infrastructure and installation support, we work closely with our customers to understand how the vehicle will be put to use and ensure they're fully setup for success," said Toza Crnilovic, Vice President of Sales at XL Fleet. "XL Fleet provides a robust solution to our customers starting with site evaluation, HW planning and installation, and a customer monitoring dashboard. These solutions and services are meant to ensure our customers have a frictionless experience in meeting their electrification and sustainability goals. We have many customer inquiries and are building a firm pipeline of purchase orders."

"The commercial waste management industry is in need of sustainable, cost effective, and energy efficient vehicles," said Kevin Watje, CEO of Curbtender. "The all-electric platforms we're developing with XL Fleet are leading us into our decarbonized future, without compromising durability or performance. As we get ready to deliver our first vehicles, we look forward to strengthening our partnership with XL Fleet and better serving customers throughout North America."

About XL Fleet

XL Fleet is accelerating decarbonization with energy efficiency solutions for businesses and is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America. With more than 180 million miles driven by customers such as The Coca-Cola Company and Verizon, XL Fleet's hybrid electric drive systems can increase fuel economy and reduce carbon dioxide emissions, which are key components for customer sustainability programs. For additional information, please visit www.xlfleet.com.

About Curbtender

Curbtender, Inc. is a family owned and managed refuse truck and street sweeper manufacturer based in Cedar Falls, Iowa. With over 40 years of experience in building automated side loading refuse trucks, the company is accustomed to introducing new technologies to the waste industry. CEO Kevin Watje has led the company in evaluating and testing electric vehicle technologies since 2010. The eQuantum is a culmination of a rigorous, decade-long EV partner evaluation process and more than 3 years of on-road testing.

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; 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, including the ongoing global microchip shortage and limited availability of chassis from vehicle OEMs and our reliance on our suppliers; the effects of competition on the Company's future business; the availability of capital; supply chain issues including the lack of available components and/or inflationated component prices, including with respect to batteries, solar panels, and other critical components, and the other risks discussed under the heading "Risk Factors" in the Company's current report on Form 10-K filed on March 1, 2022, 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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