Nxu Submits for NEVI Grant Funding to Enhance its Major Highway Electrification Goals
January 25 2024 - 5:56PM
Nxu, Inc. (NASDAQ: NXU) (“Nxu”, “the Company”), a domestic
technology company creating innovative EV charging and energy
storage solutions for the infrastructure we need to power our
electrified future, has submitted its application for grant funding
under the California Energy Commission’s National Electric Vehicle
Infrastructure (NEVI) Formula Program. Nxu is pursuing grant
funding from the more than $40 million in funds being made
available to strategically deploy high-powered, direct-current fast
charger electric vehicle charging infrastructure. Nxu’s application
details the company’s plan to develop, own, and operate seven key
charging sites along California’s major highway corridors of I-58,
I-15, and I-40. The plan seeks grant funding to supplement the
construction and equipment costs of deploying new charging sites,
potentially decreasing up to one fourth of Nxu’s total project
costs.
“Nxu has long been working toward the electrification of
high-demand highway routes to ensure EV drivers have a fast,
reliable, consistent experience. We’ve demonstrated that commitment
with the California NEVI corridor 7 sites we have under control,”
said Nxu Founder, Chairman and CEO Mark Hanchett. “We’re proud to
submit our official application to assist the California Energy
Commission in their pursuit of charging infrastructure and look
forward to growing our presence throughout the state.”
Focused on the entire customer experience, Nxu’s EV charging
technology houses multiple patented systems, fast-charging
surpassing the 150kW requirement and optimized site layout
prioritizing pull-through use cases for EVs of all sizes and
capabilities. NxuOne™ EV Charging Solutions don’t split charging
power across multiple chargers, giving all users the same powerful
experience, no matter how many vehicles are charging at once.
Additionally, 25 percent of NEVI recipients must be qualified small
businesses, which is a designation Nxu qualifies for.
NxuOne™ EV Charging Solutions enable powerful, standard-agnostic
charging, giving all EV users exactly the power they need, when
they need it. EV drivers can expect a consistent, reliable charging
experience with NxuOne™ EV Charging Solutions. Nxu previously
announced Quartzsite, Ariz. as its first highway charging location
and recently announced four California NEVI corridor 7 sites:
Tehachapi, North Edwards, Barstow and Kramer Junction. Nxu is
targeting several additional sites within the corridor.
Businesses interested in securing their own NxuOne™ EV Charging
Solutions, whether to power their own EV fleets or to contribute to
the much-needed EV charging infrastructure more and more consumers
are demanding every day, can learn more at:
https://nxuenergy.com/charging-station-sales
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.
Forward-Looking Statements 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.
CONTACT: Media
ContactPress@nxuenergy.com
Investor
Contact Investors@nxuenergy.com
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