EGEB: Xos Trucks to be publicly listed on Nasdaq
– Feb. 24th 2021 10:32 am ET
- Xos Trucks to become publicly traded on Nasdaq through merger with NextGen Acquisition Corporation.
- EV charging industry association ChargeUp Europe gains its 12th member, ABL + reev.
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Xos Trucks on Nasdaq
Xos, Inc., a leading manufacturer of electric Class 5 to Class 8 commercial vehicles, and NextGen
Acquisition Corp., a publicly traded special-purpose acquisition company (SPAC), announced Monday that they have entered into a business combination agreement that will result in Xos becoming a publicly listed company on Nasdaq. The combined company is expected to be traded under “XOS.” The business combination values the company at $2 billion.
Xos believes it is well-positioned to capitalize on the electrification of the $100 billion market for medium- and heavy-duty last-mile commercial electric vehicles. (“Last mile” is the movement of goods from a transportation hub to the final delivery destination.) Xos has a more than 6,000-unit backlog of contracted and optional orders.
Demand in the last-mile commercial EV market is expected to grow at a 35% compound annual growth rate through 2040 as electric vehicles replace ICE vehicles. That shift is driven by new emissions standards, continued growth of e-commerce, and the relocation of fulfillment centers to areas closer to consumers.
Xos offers Fleet-as-a-Service — a bundled package that provides vehicle ownership services to fleet operators for a fixed monthly fee — in coordination with partners such as DLL Group (financing services) and Dickinson Fleet Services (vehicle maintenance).
Gregory Summe, cofounder and co-chairman of NextGen, said:
NextGen reviewed over a hundred potential merger opportunities and conducted in-depth evaluations of several companies in the EV and automotive technology sectors.
Based on our work, we believe that Xos is best-positioned to capture the rapidly growing demand for commercial electrical vehicles with a compelling customer offering.
ChargeUp Europe grows
ChargeUp Europe, the “voice of the electric vehicle (EV) charging infrastructure industry, working toward an expeditious and effortless rollout of EV charging infrastructure in Europe,” is gaining ABL + reev as its 12th and newest member.
ABL is a major eMobility hardware manufacturer in Germany and is also active in Scandinavia, the Netherlands, Austria, Italy, Switzerland, and other EU member states. reev is a provider of cloud-based eMobility solutions offering software and related applications for CPOs and drivers. Together, ABL and reev offer Bundle solutions — eMobility hardware and software in one package.
Dr. Stefan Schlutius, managing director at ABL, said:
We are delighted to join ChargeUp Europe as we want to play our part in speeding up the rollout of charging infrastructure. Whether it’s private or public charging, our companies are committed to delivering seamless charging for EV drivers across the EU and ChargeUp Europe offers the perfect platform for making this vision a reality.
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Michelle Lewis is a writer and editor on Electrek and an editor on DroneDJ, 9to5Mac, and 9to5Google. She lives in St. Petersburg, Florida. She has previously worked for Fast Company, the Guardian, News Deeply, Time, and others. Message Michelle on Twitter or at michelle@9to5mac.com. Check out her personal blog.
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