Why Small-Cap EV Stock XL Fleet Is Surging Today
Shares of XL Fleet (NYSE: XL), which builds electrification solutions like hybrid and plug-in hybrid electric drive systems for commercial vehicles, surged Wednesday morning. As of 10:50 a.m. ET, the EV stock was trading up 8.8%, marking one of its strongest days in the month of December yet for the small-cap stock with a current market capitalization of just under $500 million.
XL Fleet is a relatively unknown stock in an industry chockablock with highfliers, but you'd be surprised to know the names of automotive companies XL Fleet has collaborated with. On Wednesday morning, XL Fleet finished installing an EV charger network for one clean energy company.
XL Fleet has just finished deploying 12 EV chargers across six wind farms in Texas, Oklahoma, and Illinois for Apex Clean Energy, a company that operates utility-scale wind and solar energy facilities and produces green hydrogen. Apex Clean Energy has long-term power purchase agreements with some big global names, including Starbucks, Walmart, and Samsung.
Source Fool.com
