© 2018 Bloomberg Finance LPXos Inc., a North Hollywood, California-based manufacturer of large electric commercial vehicles, will go public by merging with the blank check firm NextGen Acquisition Corp. in a deal valuing Xos at $2 billion. The transaction is the latest in a series of special purpose acquisition company (SPAC) deals raising capital for companies developing electrified transportation products and services. As a result, Xos will receive $575 million in proceeds, including a $220 million investment from a group led by Janus Henderson Investors and Thompson Truck Centers, which encompasses several commercial truck dealers. Giordano Sordoni will continue as chief operation officer and the existing team, including Chief Technology Officer Robert Ferber and Chief Financial Officer Kingsley Afemikhe, will remain intact. Xos estimates the market for electric commercial vehicles at as much as $100 billion.

Source: Forbes February 22, 2021 15:59 UTC