Nxu Achieves Important Milestones in Pivotal Q3 2023
10 Oktober 2023 - 12:30PM
Nxu Inc., (NASDAQ: NXU) (“Nxu”, “the Company”), a domestic
technology company developing and manufacturing innovative EV
charging and energy storage solutions for the infrastructure we
need to power our electrified future, reached several important
milestones in Q3 2023 to greatly advance its vision of making
electric mobility viable:
- Cost Management: The
Company decreased costs in Q3 2023 while continuing to innovate,
made key hires and advanced the technology to deliver its first
charging product.
- Product to Market & Revenue Generation:
The Company shipped electric vehicle subsystems to a customer and
launched its first charging product, the Nxu One Megawatt+ Charging
System, generating revenue in Q3 2023 for the first time in the
Company’s history.
- Charging Site Expansion: The Company is under
contract to purchase land in Quartzsite, Ariz. for the first
megawatt+ charging location on a major highway corridor.
Building on the momentum started in Q3, Nxu aims to further
strengthen its position in Q4 by:
- Delivering even more MWh of energy to a
growing base of EV customers seeking consistency, reliability and
convenience when charging their vehicles
- Continuing the development and growth of the
Nxu charging ecosystem
- Progressing on the development of the megawatt+
charging location in Quartzsite, Ariz.
- Remaining lean and execution-driven by
continuing to manage costs
- Deploying the second Nxu One Megawatt+
Charging System
“This was a pivotal quarter for us, in the lifetime of the
company and as a team. Despite a number of challenges, we reached
key goals that point to us becoming an industry leader in
developing a robust EV charging infrastructure,” said Nxu Founder,
Chairman and CEO Mark Hanchett. “The response to our Nxu One
Megawatt+ Charging System has been positive and we’re already
applying learnings and innovations to the next unit we’re going to
deploy.”
Public field trials of the Nxu One Megawatt+ Charging system are
underway at the Company’s facility in Mesa. Users simply need to
create a Nxu One Charging profile, populate with payment
information, and visit the charging station at 1828 N. Higley Road
in Mesa, Ariz., available 24 hours a day, 7 days a week. To date,
the Nxu One Megawatt+ Charging System has already delivered more
than 1.6 MWh to EV customers.
About Nxu, Inc. Nxu, Inc.
is a domestic technology company leveraging its intellectual
property and innovations to support e-Mobility and energy
storage solutions. Driving the energy future, Nxu is
developing an ecosystem of industry-leading grid level energy
storage solutions, charging infrastructure and over-air cloud
management – encompassed by Nxu’s seamless subscription-based
models. For more information, visit www.nxuenergy.com.
Forward-Looking Statements This press
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including,
but not limited to, statements regarding our future areas of focus
and expectations for our business. These forward-looking statements
are based on our current assumptions, expectations and beliefs and
involve substantial risks and uncertainties that may cause results,
performance or achievements to materially differ from those
expressed or implied by these forward-looking statements. Such
forward-looking statements include statements regarding, among
other things, Nxu’s expectations about its long term growth
strategy, future growth trajectory, revenue and operations; Nxu’s
technology and alignment with broader trends in the EV market;
opportunities presented by electrification; beliefs about the
general strength, weakness or health of Nxu’s business; and beliefs
about current or future trends in EV battery materials or other
markets and the impact of these trends on Nxu’s business. A
detailed discussion of these factors and other risks that affect
our business is included in filings we make with the Securities and
Exchange Commission (SEC) from time to time, including our most
recent report on Form 10-K, particularly under the heading “Risk
Factors.” Copies of these filings are available online from
the SEC or on the SEC Filings section of our Investor Relations
website at www.nxuenergy.com. All forward-looking statements in
this press release are based on information currently available to
us, and we assume no obligation to update these forward-looking
statements in light of new information or future events.
CONTACT:Media ContactAmy
O’Harainfo@nxuenergy.com
Investor ContactNxu,
Inc.Investors@nxuenergy.com
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