Today, Nxu announced a $3 million public offering of common stock. The offering is expected to close on or about Oct. 23, 2023, subject to customary closing conditions. This capital raise positions Nxu to execute against the key milestones we’re working toward in the near future: continued revenue-generation through charging field trials and development of our first public charging site in Quartzsite, Ariz. Additionally, this capital raise strengthens our balance sheet, which is a pivotal part of our strategy for maintaining compliance with Nasdaq. Our appeal hearing has been scheduled for Dec. 14, 2023.
We’re continuing the march toward our vision of a future where energy is harnessed in a way that is abundant and accessible, to make electric mobility viable.
Nxu One Megawatt+ Charging System: Product Launch and Public Field Trials
- Nxu is creating EV charging and energy storage solutions for the infrastructure we need to power our electrified future. The first product in that lineup is our Nxu One Megawatt+ Charging System and we had the pleasure of launching it to the public on Sept. 28 during National Drive Electric Week. Public use and response to date has been overwhelmingly positive, and we surpassed 1.6MWh in the opening weekend, alone. We’ve seen a variety of EV OEMs charge with us, from Tesla and Audi, to Rivian and Fisker. And interest is growing, as we see additional customers each week, including repeat customers.
First Major Highway Megawatt+ Charging Station: Quartzsite, Ariz.
- Nxu is under contract to purchase land in Quartzsite, Ariz. that will be the permanent site of our first Megawatt+ charging experience on a major highway. Strategically located on Interstate 10 between Arizona and California, the Quartzsite location will alleviate EV drivers’ charger anxiety, allowing them to charge up while enjoying much-needed amenities like bathrooms and air conditioning.
These past few months have been pivotal for us. They haven’t been easy, but they’ve been important, and revealed some important learnings along the way. We’ll keep charging forward.
