NxuOne, Megawatt Plus Charging Solution, Nears Field Testing

• Innovative system represents the future of EV charging
• Nxu to exit CharIN as NxuOne Megawatt charging solution nears alpha field trials

MESA, Ariz., June 29, 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, megawatt charging stations, and in mobility solutions, today announced it will soon begin field testing NxuOne, the Company’s megawatt charging solution. Capable of delivering up to 1.5 megawatts of continuous power, NxuOne represents the future of electric vehicle (EV) charging and addresses longstanding barriers to EV adoption, such as long charging times and adequate power supply for medium- and heavy-duty EVs and equipment. This proprietary megawatt charger is now approaching alpha field trials as the Company executes against its milestone-driven strategy. 

Reflecting recent developments in the EV charging industry, the Company also announced its intent to leave CharIN (Charging Interface Initiative e.V.), the international association that has been responsible for developing the Combined Charging System (CCS) and Megawatt Charging System (MCS) standards. Final publication of the MCS standard is not expected by CharIN until 2024. The recent adoption of Tesla’s North American Charging Standard (NACS) by industry leaders Ford, GM, Rivian, and Volvo underscores the urgent need for reliable and high-powered charging solutions to meet growing demand across all market segments. Nxu endorses the market’s shift to NACS and confirms the Company will offer both NACS and NxuOne connectors at future charging stations.

Mark Hanchett, Founder, Chairman and CEO of Nxu, commented, “In today's fast-paced world, customers demand immediate solutions, making it all the more imperative for innovative players like Nxu to introduce new solutions that don’t compromise the competitive goals of EV vehicle manufacturers. We are advancing the industry by pioneering technologies that redefine the charging experience; in doing so we are empowering industries that are transitioning to an electric future by offering megawatt charging solutions designed to set new benchmarks for efficiency and reliability.” 

Hanchett added, “The EV charging world is evolving precisely as we predicted it would – the future of charging is centered squarely on megawatt solutions such as NxuOne. The industry is moving at a rapid pace with zero tolerance for outdated standards, and Nxu is well-equipped to meet the market’s needs with our megawatt charging solution. The NxuOne charging solution is not only compatible and interoperable with current vehicles, but our megawatt-plus capabilities align perfectly with future charging needs.”

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 photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a187972e-2c2a-4f98-8fe5-a8d41244e25e