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Most Innovative Companies

XL Hybrids

This Boston-based company retrofits vans and trucks—aka fuel hogs—with an electric motor and lithium-ion battery pack, turning them into hybrids and reducing emissions and fuel use by 20%. The work pays for itself in two to four years, depending on gas prices. And it's certainly paid off for XL Hybrids: Revenue grew twentyfold in 2013 alone, with customers including FedEx and Coca-Cola. Here's how it developed.
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