XL Fleet Corp XL is trading significantly higher Tuesday after the company announced it was awarded a pilot project with the Department of Defense to prototype fuel-saving technology for tactical vehicles.
XL Fleet earned the opportunity through a highly competitive bidding process. The fuel-saving technology has the potential to be applied to tens of thousands of existing vehicles across a wide range of military applications.
The pilot program began on Oct. 1 and will take place for a total of 13 months.
"XL Fleet’s proven technology, flexible platform and deep experience in applying sustainable technologies to fleet vehicles make us an ideal fit for the U.S. military’s specialized needs for this project," said Tod Hynes, founder and president of XL Fleet.
"We can help extend the operational range of their tactical vehicles, while supporting our troops’ safety and providing significant fuel and operating cost savings and reducing greenhouse gas emissions," Hynes added.
XL Fleet is a provider of fleet electrification solutions for commercial vehicles in North America.
See Also: 12 Consumer Discretionary Stocks Moving In Tuesday's Pre-Market Session
XL Price Action: XL Fleet has traded as high as $35 and as low as $4.49 over a 52-week period.
The stock was up 22.80% at $5.70 on Tuesday morning.
Photo: ArmyAmber from Pixabay.
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