Xos, Inc. Announces New Powertrain Order from Wiggins Lift Co., Inc.
Xos, Inc., a leading manufacturer of fully electric Class 5 to Class 8 commercial vehicles ("Xos" or the "Company") that recently announced a planned business combination with NextGen (News - Alert) Acquisition Corporation (NASDAQ: NGAC) ("NextGen"), today announced that Powered by Xos™ ("Powered by Xos"), the company's recently announced powertrain division, has secured an order from repeat Xos customer Wiggins Lift Co., Inc. ("Wiggins"), bringing the total number of powertrain systems to 38 powertrain systems to be delivered this year.
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"We are thrilled that Wiggins has chosen to further commit to Xos as its partner to implement powertrain systems in its eBull product line, which demonstrates the strength of our technology and existing customer relationships," said Dakota Semler, CEO and Co-Founder of Xos, Inc. "We have demonstrated that the technology we have developed for last mile delivery vehicles can be adapted to numerous off-highway applications that are also ripe for electrification, like Wiggins' high-capacity forklifts, which have short routes and easy access to charging infrastructure."
Wiggins is a premier manufacturer of high-capacity forklifts for marine, industrial, agriculture, military, and other specialized applications. Wiggins initially ordered 20 powertrain systems for its Yard eBull product line to be used in ports to load and unload large cargo ships. To date, 14 of those systems have been successfully deployed in eBull units currently working in the Port of Stockton, California, prompting an additional order of 18 more systems. Wiggins may place additional orders pending finalization of current conversations for units scheduled to be deployed in Stockton, West Sacramento, and Los Angeles.
"Wiggins is dedicated to offering best-in-class forklifts to our customers, and that includes implementing the latest innovation and cutting edge technology to increase our products' efficiency, enhance sustainability, and improve the overall customer experience," said Micah McDowell, Director of Sales at Wiggins. "We are pleased to strengthen our partnership with Xos to expand the integration of its powertrain systems into our eBull platform and provide a more sustainable product to our customers, decreasing our customers' maintenance and total cost of ownership while minimizing our impact on the environment."
Xos announced the launch of its new division, Powered by Xos, on June 10, 2021. The division will provide customers with proprietary powertrain technology and robust components, purposefully designed for the rigors of commercial use, as well as robust engineering, design, and integration services. Powered by Xos will offer a broad range of solutions including high voltage batteries, power distribution and management componentry, battery management systems, system controls, inverters, electric traction motors, and auxiliary drive systems, among others.
Xos plans to close its previously announced business combination with NextGen in the third quarter of 2021. To learn more about Powered by Xos, feel free to visit www.xostrucks.com/powertrain, or view an introductory video here.
About Xos, Inc.
Xos, Inc. is an electric mobility company dedicated to decarbonizing commercial trucking fleets. Xos designs and manufactures cost-competitive, fully electric commercial vehicles. The company's primary focus is on medium- and heavy-duty commercial vehicles that travel on last mile, back-to-base routes of less than 200 miles per day. The company leverages its proprietary technologies to provide commercial fleets with zero-emission vehicles that are easier to maintain and more cost efficient on a total cost of ownership (TCO) basis than their internal combustion engine and commercial EV counterparts. For more information, please visit www.xostrucks.com.
About Wiggins Lift Co. Inc.
Wiggins Lift Co. Inc. is a premier manufacturer of high-capacity forklifts for marine, industrial, agriculture, military, and other specialized applications. With capacities ranging to 88,000 pounds, Wiggins' high-capacity, specialized forklifts have established the company as a global supplier for materials-handling machines. Some applications include boat-handling for dry-stack marina storage and material-handling machines for the military operation in heavy seas on board the US Navy's Littoral Combat Ship. Other machines provide unique solutions for mining organizations, breakbulk, and agricultural enterprises. Some customers include government agencies, such as the Atomic Energy of Canada and the USA's Jet Propulsion Laboratory. The company was founded in the 1950s in Oxnard, Calif. and remains family run and owned to this day.
NextGen Acquisition Corporation is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. NextGen is led by George Mattson, a former Partner at Goldman, Sachs & Co., and Gregory Summe, former Chairman and CEO of Perkin Elmer and Vice Chairman of the Carlyle Group. NextGen is listed on NASDAQ under the ticker symbol "NGAC." For more information, please visit www.nextgenacq.com.
IMPORTANT LEGAL INFORMATION
Additional Information and Where to Find It
This document relates to a proposed transaction between Xos and NextGen. This document is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. In connection with the proposed transaction, NextGen filed a registration statement on Form S-4 with the SEC (News - Alert) on May 14, 2021, which includes a document that serves as a prospectus and proxy statement of NextGen (the "proxy statement/prospectus"). The proxy statement/prospectus will be sent to all NextGen shareholders. NextGen also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of NextGen are urged to read the registration statement, the proxy statement/prospectus included therein and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Investors and security holders may obtain free copies of the registration statement, the proxy statement/prospectus included therein and all other relevant documents filed or that will be filed with the SEC by NextGen through the website maintained by the SEC at www.sec.gov. The documents filed by NextGen with the SEC also may be obtained free of charge at NextGen's website at https://www.nextgenacq.com/investor-info.html#filings or upon written request to 2255 Glades Road, Suite 324A, Boca Raton, Florida 33431.
Participants in the Solicitation
NextGen and Xos and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from NextGen's shareholders in connection with the proposed transaction. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/prospectus. You may obtain a free copy of this document as described in the preceding paragraph.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Xos and NextGen, including statements regarding the anticipated timing of the transaction and the products, customers and markets of Xos. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of NextGen's securities, (ii) the risk that the transaction may not be completed by NextGen's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by NextGen, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Merger Agreement by the shareholders of NextGen, the availability of the minimum amount of cash available in the trust account in which substantially all of the proceeds of NextGen's initial public offering and private placements of its warrants have been deposited following redemptions by NextGen's public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the proposed transaction, (v) the inability to complete the PIPE investment in connection with the transaction, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vii) the effect of the announcement or pendency of the transaction on Xos's business relationships, operating results, and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of Xos and potential difficulties in Xos employee retention as a result of the transaction, (ix) the outcome of any legal proceedings that may be instituted against Xos or against NextGen related to the Merger Agreement or the proposed transaction, (x) the ability to maintain the listing of NextGen's securities on a national securities exchange, (xi) the price of NextGen's securities may be volatile due to a variety of factors, including changes in the 7 competitive and regulated industries in which NextGen plans to operate or Xos operates, variations in operating performance across competitors, changes in laws and regulations affecting NextGen's or Xos's business, Xos's inability to implement its business plan or meet or exceed its financial projections and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, and (xiii) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of NextGen's registration statement on Form S-1 (File No. 333-248921), the registration statement on Form S-4 discussed above, the proxy statement/prospectus and other documents filed or that may be filed by NextGen from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward looking statements, and Xos and NextGen assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Xos nor NextGen gives any assurance that either Xos or NextGen, or the combined company, will achieve its expectations.
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