Worcester electric vehicle charging firm acquired for $16M
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World Energy Efficiency Services
Worcester’s World Energy Efficiency Services has been acquired by Boston-based XL Fleet Corp. for $16 million.
The acquisition will bring World Energy’s expertise in electric vehicle charging stations and the electrification process for companies into the fold of XL Fleet, which is a provider of vehicle electrification solutions for commercial and municipal fleets in North America.
Tod Hynes, founder and president of XL Fleet, said in a press release vehicle charging infrastructure is key to meeting fleet electrification goals, saying some of the company’s customers have noted charging as a challenge when dealing with dozens or even hundreds of vehicles at one location.
“The team at World Energy is filled with experts that can help solve this problem by incorporating energy efficiency measures and solar power, while integrating EV charging to increase the amount of energy available for fleet vehicle charging,” Hynes said in the release.
Rick Galipeau, President of World Energy, said in the release that World Energy will bring value to XL Fleet and he is excited about joining the company.
The purchase of World Energy will be made up of $8 million in cash and newly issued stock valued at $7 million, with an additional earn out payment of $1 million payable based on the achievement of World Energy’s 2021 revenue target. The transaction has been approved by both company’s boards and closed Monday.
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