A thread with everything you need to know about $PIC + @XLFleet

- Hybrid-electric solutions for corporate fleets (similar to $HYLN except classes 2-6)
- Ticker will change to $XL upon combination
- $387M total proceeds: $232M cash + $150M PIPE
- Pro-forma equity value: $1.4B

First US car: 1896

Horses shared roads with cars well into the 1920s

25+ years of overlap

EV currently has < 3% global auto market share. It'll take time

In the meantime, there are billions in existing ICE assets. This is why we need hybrid-electric solutions like $PIC $HYLN

$PIC isn't like most EV SPACs, which are either vaporware or pre-sales. They have existing products with growing sales, continuing R&D, & a broad addressable market which they have already penetrated with blue-chip clients.

Here are some key points about their products & market:

Products

- 200+ clients / 3,000+ systems deployed / 130M+ customer miles
- Can scale to 100K+ units rapidly with existing facilities
- Current solutions for vehicle classes 2-6; classes 7-8 to launch 2023
- “Electrification-aaS”: hybrid solutions + power mgmt + data analytics

Market

- Broad customer base including: $COKE $PEP $VZ $FDX & @Harvard @Yale
- Global TAM > $1T
- Order growth: '18 (234) - '19 (350) - 2020 (1100 units)
- $220M+ sales pipeline thru 2021
- 2024E revenue: $1.4B
- 57% ROI for fleets (which are usually depreciating assets)

CEO @XLFleet Dimitri Kazarinoff is experienced

- Engineering at MIT; MBA at Northwestern
- Started in Design & Manufacturing $GM
- Director Engineering at Eaton $ETN ($40B mkt cap) where he grew Hybrid Power division 15x in 2 yrs
- President Engineering at AVL ($2B EUR revenue)

Chairman $PIC Jon Ledecky

- Majority stake in @NHL NY Islanders
- Founded US Office Products (fastest-ever entry into Fortune 500; $4B in annual sales)
- Former owner of Washington Capitals & @WashWizards
- Raised > $20B in equity & directed 12 public companies over his career

If you enjoyed this thread on $PIC + @XLFleet, please share & consider a follow.

We try our best to summarize & compile quality insights. For similar content, check out our other threads:

$TRNE
https://twitter.com/stocktalkweekly/status/1315418176088408065?s=20

$DPHC
https://twitter.com/stocktalkweekly/status/1305292561616003072?s=20

Thank you for reading.