Xos, Inc., a U.S. manufacturer of fully electric Class 5 to Class 8 commercial vehicles and NextGen Acquisition Corp. (Nasdaq: NGAC), a publicly traded special purpose acquisition company (SPAC), have entered into a definitive business combination agreement. This will result in Xos becoming a publicly listed company.
The combined company is expected to be traded on The Nasdaq Stock Market under “XOS”. The business combination values the combined company at a $2.0 billion pro forma equity value. The transaction is expected to close in the second quarter of 2021.
In addition to Dakota Semler and Giordano Sordoni, Xos will continue to be led by its existing management team including Chief Technology Officer, Robert Ferber, and Chief Financial Officer, Kingsley Afemikhe.
The company’s primary focus is on medium- and heavy-duty commercial vehicles that travel on ‘last mile’ routes.
Dakota Semler, Co-Founder and CEO of Xos, says: “In 2016, my co-founder and I set out to build a company whose mission was to decarbonize transportation through the design, engineering and development of purpose-built commercial vehicles. Our aim was to provide customers a superior alternative to traditional fossil fuel vehicles. As former fleet operators, we gained a deep appreciation for the challenges of operating and maintaining commercial fleets, particularly in light of accelerating emissions requirements.
He adds: “Xos developed its technology and product portfolio in close collaboration with established fleet operators who have provided invaluable ongoing feedback that has informed every aspect of our vehicle design, product engineering, commercial manufacturing and service strategy. As a result, we have developed commercial EV solutions that uniquely incorporate customer requirements.”
Xos’ Co-Founder and COO, Giordano Sordoni., states: “Since 2019, we have had vehicles on the road and in the hands of our customers, which include UPS, Wiggins, Lonestar and Loomis, validating our durable and low-cost sustainable design. Today’s announcement represents a major milestone that allows Xos to expand its vehicle and battery manufacturing capacity, advance our next generation battery and vehicle control systems, and put thousands more Xos vehicles on the road.”
Xos vehicles have been deployed in field operations since 2019, with a customer base that includes UPS, Loomis, Lonestar, and Wiggins; 6,000+ unit backlog of contracted and optional orders.
To read our full interview with Xos’ CEO, Dakota Semler, click on the link.