Business electric car startup Xos Trucks has raised$20 million, funding it will utilize to increase production ahead of prospective brand-new need fueled by a landmark emissions guideline embraced by California that will need over half of all trucks offered in the state to be zero-emissions by 2035.
The start-up, which was formerly known as Thor Trucking, raised the funds from a group of investors including Proeza Ventures, a mobility-focused VC firm backed by Metalsa’s holding company, and BUILD Capital Group. Xos also gained a couple of new board members along with the capital. Rodolfo Elias Dieck of Proeza Ventures and Mark Lampert, a previous Daimler executive who is now at BUILD Capital, have actually signed up with the board. Xos has actually boosted its executive ranks also, consisting of employing Kingsley Afemikhe as its CFO and Rob Ferber, staff member top and science director at Tesla, as its CTO.
“We’re excited to continue growing our operations to supply best-in-class last-mile electrical vehicles for our clients,” said Dakota Semler, co-founder and CEO of Xos Trucks. “It’s our objective to supply reputable, inexpensive, and sustainable transportation as the volume of e-commerce needs are increasing, and have accelerated during the pandemic.”
Financing will be used to broaden operations and scale up production of its electrical skateboard chassis that is created for Class 6 trucks, the medium-duty industrial cars that are often utilized in last-mile shipment in thick urban areas. This skateboard, known as the X-Platform, was developed to accommodate a variety of medium-duty bodies, wheelbases and variety requirements as much as 200 miles. Metalsa, the Mexico-based vehicle supplier, assisted Xos with the style and is offering elements to the chassis.
Xos automobiles have been utilized by UPS on consumer paths in the Los Angeles area for the past eight months, according to the business. Loomis, an existing customer of Xos, has purchased another 20 trucks following a pilot program in 2019.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.