Conscientious Financial Measures and Nxu’s Innovative Technology Positions Company for Competitive Advantage to Expedite Vision for Electrified Future
MESA, Ariz., Aug. 17, 2023 - Nxu Inc., (NASDAQ: NXU) (“Nxu”, “the Company”), a domestic technology company creating energy storage and charging solutions for the infrastructure we need to power our electrified future, announced today a strategic shift to focus on its EV charging infrastructure technology. Nxu’s differentiated charging and energy storage technology has the potential to expedite the vision for our collective electrified future, so the immediate focus of the Company is aimed at concentrating and leveraging the resources and efforts that advance the realization of that vision. This re-sequencing of our product roadmap to prioritize our charging technology puts the Company on the path to near-term revenue generation with a unique and highly competitive solution to address the worldwide EV charging station shortage. With the ultimate goal of creating shareholder value and achieving profitability, the Company intends to leverage the favorable economics on its initial deployment to rapidly scale.
“The need for EV charging infrastructure is growing by the second. Our opportunity to immediately contribute to that need is undeniable, so we are narrowing the focus on that portion of our product roadmap and streamlining operations to answer the call,” said Nxu Founder, Chairman and CEO Mark Hanchett.
Nxu is undertaking numerous cost-saving measures to decrease operating expenses through consolidation of vendors and product programs that do not support the core focus of Nxu. Amid greater economic and industry headwinds, additional cost-saving measures must be made through a furlough.
Nxu continues to march toward its ambitious vision of a future where energy is harnessed in a way that is abundant, accessible and infinite, to make electric mobility viable. Near-term, revenue generation from the Company’s proprietary EV charging technology is the priority, including plans to deploy public field trials of Nxu One charging technology in the coming weeks, building on its foundation of demonstrated 1.2 megawatt charging in April, and NACS charging compatibility in July.
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.
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.