XL Acquires Quantum Fuel’s Electrification Division, Appoints Kazarinoff as CEO
Strategic investment and leadership additions position the company for rapid growth.
BOSTON, October 15, 2019 - XL, the leader in vehicle electrification solutions for commercial and municipal fleets, is making two significant announcements designed to capitalize on the company’s current momentum and position the business for rapid, sustainable growth in 2020 and beyond.
On October 4, XL acquired the electrification division of Quantum Fuel Systems, an industry leader in alternative fuel systems for the automotive and heavy duty fleet industries. Per the terms of the transaction, XL acquires the engineering staff and technology assets of Quantum Fuel’s EV division, providing capacity to accelerate its product development plans for heavy duty and fully electric propulsion applications. XL will continue to operate Quantum’s Lake Forest, California office, expanding its presence within one of the most prominent states for EV sales.
In addition, XL has appointed Dimitri Kazarinoff, an accomplished transportation industry executive who has led impressive growth at Eaton Corporation and AVL Powertrain Engineering, as its new CEO. XL founder and original CEO Tod Hynes is remaining with the company as Chief Strategy Officer and will maintain his position on the company’s Board of Directors.
“I’m excited to be able to execute our long-standing plan of bringing on a new chief executive at this juncture of XL’s history,” said Hynes. “This is the right time to build upon our 10 years of success, and Dimitri is the right leader to accelerate our growth moving forward.”
Kazarinoff successfully scaled the hybrid power systems division of Eaton Corporation by 15x within two years, and delivered record profits for AVL’s North American P&L. He sees XL as being at a similar inflection point, with an opportunity for rapid and sustainable growth. “I’m thrilled to be leading XL into a bold new era of fleet electrification. Demand for sustainable commercial transportation has never been greater, and XL is well positioned to drive the industry’s transition to electrified fleet vehicles,” he said.
In addition to Kazarinoff, XL added Rob Kisiel to its leadership team, as VP of Supply Chain and Production. With two decades of diverse supply chain experience across a wide range of industries, Kisiel is responsible for optimizing XL’s supplier partner and installation ecosystem and scaling it for growth.
XL is the leader in vehicle electrification solutions for commercial and municipal fleets in North America, relied on by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. With its fleet-ready™ XLH™ hybrid electric drive system and the XLP™ plug-in hybrid electric drive system, Class 2 to 6 commercial and municipal customers can increase fuel economy by up to 25-50 percent and reduce carbon dioxide emissions by up to 20-33 percent, decreasing operating costs and meeting sustainability goals with no impact on fleet operations. www.xlfleet.com.
About Quantum Fuel Systems
Quantum Fuel Systems LLC is engineering the future of alternative fuel storage by designing, developing and bringing innovative transport trailers, and industry-leading Type 4 cylinders for CNG, RNG and hydrogen to market. Quantum is at the forefront of the industry with decades of experience in gaseous fuel storage and systems solutions. Learn more at www.qtww.com.