Xos Inc., a North Hollywood-based electric vehicle company, announced on Monday it plans to go public through a merger with NextGen Acquisition Corp.
The companies expect to start trading as "XOS" on the Nasdaq by the second quarter of 2021 following a transaction that values the combined entity at $2 billion.
<p>Xos was founded in 2016 by two former fleet operators looking to build an alternative to the fossil fuel-saturated industry. In 2019, the company started offering its EV fleet service at a fixed monthly fee for customers including UPS and Wiggins. It's focused on medium and heavy-duty commercial fleets that travel on predictable routes and don't exceed 200 miles each day.</p><p>It now has a backlog of over 6,000 trucks, according to the company.</p><p>"Climate change is one of the world's greatest challenges, and commercial trucks are the largest emitters per capita of greenhouse gases in the transportation industry," said George Mattson, co-founder and co-chairman of NextGen in an announcement. "Simultaneously, last-mile e-commerce delivery is growing, accelerated by changes in consumer purchasing behaviors post-COVID." </p><p>Gregory Summe, co-founder and co-chairman of the SPAC added that "Xos is best-positioned to capture the rapidly growing demand for commercial electric vehicles with a compelling customer offering." </p><p>The transaction includes a $200 million common stock PIPE led by Janus Henderson investors and truck dealers led by Thompson Truck Centers. The deal is expected to bring in $575 million to both companies after closing. </p>
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