Delivering the Next Generation of Commercial Electrification
Today marks a major milestone for Xos as we pursue our mission to decarbonize transportation. I’m thrilled to announce that Xos will become publicly traded on Nasdaq through a merger with NextGen Acquisition Corp. The funds raised through our business combination will enable us to take cutting-edge technologies we’ve developed in the hands of customers and on the road since 2019, scale production, and bring our zero-emission commercial vehicles to a broader market.
When I was a kid, I spent summers at our family’s fleet yard helping to refuel and maintain our fleet of heavy-duty diesel trucks. As a teenager, I started to pay more attention to the impact and cost of our family’s truck fleet. How much did it cost to fuel and maintain these vehicles? What were the effects of our commercial fleet’s carbon emissions? How did U.S. federal and state regulations impact our commercial fleet?
In 2015 California introduced new regulations requiring the replacement of older diesel engines to bring older heavy-duty diesel fleets up to the cleaner engine standards. I began to research ways that our own fleet could switch to a cleaner fuel. I went as far as converting my personal vehicle to run on vegetable oil, but none of the technologies available at that time made economic sense to scale our entire fleet.
Thanks to technology (like the vehicle products introduced by Xos) that technology is here today — and it’s electric.
We built Xos and our proprietary vehicle technology in direct response to the challenges I experienced as a teenager working for my family’s commercial fleet and for my own commercial fleet years later. We understood that zero-emission vehicle technologies could not only be made affordable and reliable — they could also be applied to medium- and heavy- duty commercial fleets where decarbonization is most impactful. We founded Xos because we feel a responsibility to leave the air cleaner than we found it, because one in five premature deaths around the world can be linked to fossil fuel pollution and because it is the right thing to do.
George Mattson and Greg Summe from Nextgen share this passion for a smarter, more efficient transportation system underpinned by purpose-built technology. They also bring decades of experience in building and scaling industrial businesses, and we are excited to partner with them in our mission to decarbonize transportation.
