LA's Xos Electric Truck-Maker Will Go Public Through SPAC

Francesca Billington

Francesca Billington is a freelance reporter. Prior to that, she was a general assignment reporter for dot.LA and has also reported for KCRW, the Santa Monica Daily Press and local publications in New Jersey. She graduated from Princeton in 2019 with a degree in anthropology.

LA's Xos Electric Truck-Maker Will Go Public Through SPAC
Courtesy of Xos Trucks

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.


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.

It now has a backlog of over 6,000 trucks, according to the company.

"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."

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."

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.

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Activision Buys Game Studio Proletariat To Expand ‘World of Warcraft’ Staff

Samson Amore

Samson Amore is a reporter for dot.LA. He previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter at @Samsonamore. Pronouns: he/him

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Courtesy of Activision Blizzard

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samsonamore@dot.la

Bling Capital’s Kyle Lui On How Small Funds Can Better Support Young Founders

Minnie Ingersoll
Minnie Ingersoll is a partner at TenOneTen and host of the LA Venture podcast. Prior to TenOneTen, Minnie was the COO and co-founder of $100M+ Shift.com, an online marketplace for used cars. Minnie started her career as an early product manager at Google. Minnie studied Computer Science at Stanford and has an MBA from HBS. She recently moved back to L.A. after 20+ years in the Bay Area and is excited to be a part of the growing tech ecosystem of Southern California. In her space time, Minnie surfs baby waves and raises baby people.
Bling Capital’s Kyle Lui On How Small Funds Can Better Support Young Founders

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