Financing boost for hybrid electric technology specialists

Florida-based Priority One Financial Services, a commercial and recreational equipment finance provider, has announced special financing options on solutions provided by XL Hybrids, a pioneering developer of hybrid electric powertrain technology for mid-sized and smaller commercial and municipal fleets.

The new low-cost, long-term financing is designed to allow XL Hybrids’ customers fleets to retrofit current in-use fleet vehicles, delivering a decrease in both fuel consumption and carbon dioxide emissions and enabling them to meet sustainability targets. Customers can also refinance their existing vehicles or order new vans and buses with the XL3 hybrid electric drive system.

“For individual operators and fleet managers considering the benefits of XL Hybrids’s electric powertrain technology, our competitive lease and finance options help make the conversion and cost that much simpler to budget,” said Jared Zimlin, business development director at Priority One Financial Services. “Now meeting state and federal mandates, while going ‘green’ with the XL3 hybrid electric drive system, is simple and affordable to adopt.”

Vehicles equipped with the XL3 Hybrids’s system drive just like other fleet units with no driver training required, and all necessary equipment can be installed in under five hours. The charge sustaining powertrain technology reduces operating and maintenance costs without the need for plugs, or special fueling infrastructure.

The XL3 hybrid electric drive saves fuel through regenerative braking, a process by which the electric motor helps slow the vehicle when the driver brakes, charging the battery. When the driver accelerates, the battery releases the energy to the electric motor, helping propel the vehicle.

“Our XL3 is already the lowest priced, highest quality hybrid electric solution available for class 2-4 vehicles,” said Tod Hynes, president and founder of XL Hybrids, which was established by MIT alumni and is based in Boston. “This new financing removes the upfront cost barrier and enables customers to immediately start reducing fuel use and CO2 emissions by 20% and meet sustainability targets.”