Saturday, February 20, 2021

Electric vehicles: Xos

Xos Inc., a North Hollywood, California-based manufacturer of large electric commercial vehicles, will go public by merging with the blank check firm NextGen Acquisition Corp. (Nasdaq: NGAC) in a deal valuing Xos at $2 billion.
  • Xos Co-Founder & CEO Dakota Semler, Co-Founder & COO Giordano Sordoni, and NextGen Co-Founder & Co-Chairman George Mattson will join a newly formed board of directors.
  • The electric truck startup was formerly known as Thor Trucks, and rebranded itself in 2019. 
  • Xos estimates the market for electric commercial vehicles at as much as $100 billion.
  • 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 andoptional orders.

Co-Founder & CEO Dakota Semler (CNBC, Feb 22, 2021)
NextGen Co-Founder & Co-Chairman George Mattson 

George Mattson, a former Goldman Sachs (GS) banker who launched NextGen, said the proceeds raised in this SPAC deal will expand Xos’s vehicle assembly and battery making capacity and to continue work on the next generation of battery technology.

Semler will remain CEO. Giordano Sordoni will continue as chief operation officer and the existing team, including Chief Technology Officer Robert Ferber and Chief Financial Officer Kingsley Afemikhe, will remain intact.

Since 2019, when it changed its name from Thor, Xos has had vehicles on the road with United Parcel Service (UPS), Wiggins Lift Co, Lonestar Truck Group and Loomis US, the operator of armored vehicles for the banking industry.

In a press release, the company said it has a backlog of more than 6,000 vehicle orders, both contracted and optional.

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