Nxu Inc. Endorses Near-Term Use of NACS; Affirms Megawatt Charging as Long-Term Solution
Recent OEM adoption of Tesla’s NACS charging network underscores US network fragmentation and interoperability issues
MESA, Ariz., June 12, 2023 (GLOBE NEWSWIRE) -- Nxu Inc., (NASDAQ: NXU) (“Nxu”, “the Company”), a US-operated technology company manufacturing innovative battery cells and battery packs for use in advanced energy storage systems and megawatt charging stations, released a statement in response to the announcement that both Ford and GM will adopt Tesla’s North American Charging Standard (NACS).
Mark Hanchett, Founder, Chairman and CEO of Nxu, commented, “Unreliable equipment and unpredictable charging experiences have left major OEMs with no choice but to source alternative solutions for their customers. As key players in the automotive space move away from CCS (Combined Charging System) to NACS, we believe the low-power standards that are currently available will be needed until Megawatt solutions become ubiquitous. We are continuing to develop our Megawatt technology solutions and are well positioned to provide a superior customer experience.
We built our business knowing that the current North American charging infrastructure is significantly compromised and poses obstacles to EV adoption. The industry’s move to the NACS further affirms Nxu’s intent to deliver standard-agnostic charging solutions. We believe that Nxu is optimally positioned to offer NACS charging solutions at the highest power levels, up to 1MW, accepted by each individual vehicle, embracing the broader transition away from the now antiquated CCS standard. Nxu will continue to support both standards as part of our strategic plan to optimize compatibility, while seizing the opportunity to further develop 1MW+ solutions in an effort to advance electrification across additional market segments,” Hanchett concluded.
For more on Nxu’s standard-agnostic charging solutions, please watch: https://bit.ly/NxuNACS
About Nxu, Inc.
Nxu, Inc. is a vertically integrated technology company leveraging its intellectual property and U.S.-manufactured battery innovations to support e-Mobility and energy storage solutions. Driving the energy future, Nxu is developing an ecosystem of industry leading battery cell and pack technologies, grid level energy storage solutions, charging infrastructure, platform and medium-duty electric mobility solutions, 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 achievement 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:
Mary Trout
Nxu, Inc.
info@nxuenergy.com
Laura Guerrant-Oiye
Financial Profiles, Inc.
nxu@finprofiles.com
(310) 622-8250
A video accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/d793053b-f815-4fcc-98cb-46662f0f316b
