The Xos Hub™ Gets Major Upgrades and a Purchase Order from Xcel Energy
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Insights
The announcement from Xos, Inc. regarding their next-generation mobile charging unit, the Xos Hub, signals a significant advancement in the infrastructure supporting the electrification of fleets. The increased energy capacity and charging capability represent a notable improvement in efficiency and utility. The ability to deliver up to 160kW, a fourfold increase over previous models, is particularly impactful for fleet operators who require fast turnaround times to maintain operational continuity.
This development is also economically significant. The reduced cost and weight of the Xos Hub, coupled with the elimination of the need for a commercial driver's license for transportation, can lower the barriers to entry for fleet operators considering electrification. Moreover, the potential electricity cost savings of up to 40% during off-peak hours could substantially reduce operating costs, making the transition to electric vehicles (EVs) more financially viable for businesses.
For the energy sector, the adoption of such technologies by companies like Xcel Energy indicates a growing commitment to clean transportation and the development of infrastructure to support it. This could lead to increased demand for clean energy and spur further investment in grid modernization to accommodate a growing fleet of EVs.
The strategic partnership between Xos, Inc. and Xcel Energy could serve as a model for other energy providers and fleet operators, showcasing the benefits of integrating mobile charging solutions like the Xos Hub into their operations. The versatility of the Hub to support various applications, such as stopgap charging, remote and rescue charging and backup power, addresses a critical need in the market for flexible and efficient EV charging options.
Market penetration of the Xos Hub will likely depend on the extent to which it can outperform existing charging solutions in terms of cost, convenience and adaptability. Given the lower starting price and installation costs, Xos may be well-positioned to capture a significant share of the market for mobile EV charging solutions. The ability to power electrified construction equipment for extended periods and serve as a rescue vehicle for depleted EVs introduces a competitive edge that could disrupt traditional charging paradigms.
The investment by Xcel Energy in the new Xos Hubs is a forward-looking move that could have positive implications for their financials. By reducing the need for permanent charging infrastructure at temporary sites, Xcel Energy can potentially lower capital expenditures and operational costs associated with its clean transportation initiatives. This aligns with broader industry trends towards cost-effective and scalable solutions in the transition to sustainable energy practices.
From an investor's perspective, the adoption of the Xos Hub by a major energy provider like Xcel Energy serves as a validation of the product's market potential. This could positively influence investor sentiment towards Xos, Inc., potentially leading to an uptick in stock performance as the market reacts to the news. However, the long-term financial impact will depend on the widespread adoption of the technology and the ability of Xos, Inc. to scale production to meet demand.
LOS ANGELES, Jan. 31, 2024 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS), a leader in the electrification of fleets, today announced the next generation of their mobile charging unit, The Xos Hub™. This rapidly deployable charging unit is designed to help expedite the electrification of fleets. Xcel Energy, a leading clean energy provider, has signed a purchase order securing two of the new Hubs to use at its remote worksites.
The new generation of the Xos Hub offers 280kWh of energy capacity and is notably more powerful than previous generations, with charging capability up to 160kW. This is up to four times the charge rate compared to previous iterations.
The Xos Hub has four standard CCS1 charge heads and weighs less than 10,000 lbs, eliminating the need for a commercial driver's license to transport the Hub. This version of the Xos Hub is also substantially more affordable at a lower starting price compared to previous iterations.
The Hub can be powered by existing power infrastructure at depots or facilities without the need for upgrades. Alternatively, the Hub can also be charged by a CCS1 inlet from a DC fast charging station onsite or in the field. This makes the Hub a more versatile solution for several applications, including stopgap charging for EV fleets, remote and rescue charging, semi-permanent charging, or backup power during grid outages.
“The Xos Hub is a game changer for fleets looking to electrify,” said Xos CEO, Dakota Semler. “It’s a cost-effective solution that can be deployed quickly and easily. With the lower weight and smaller footprint, it's an even more flexible system for mobile charging.”
With the ability to be charged from the grid during off-peak hours, in some locations the Xos Hub can save customers up to
To help achieve its clean transportation vision, Xcel Energy plans to use temporary charging at construction sites where zero-emission vehicles are deployed. Temporary charging will serve as a remote operating base for electric vehicles, enabling the electrification of worksites. Xcel has signed a purchase order for two new Xos Hubs to use for these applications.
The Xos Hub can power electrified construction equipment for more than one shift, eliminating the need to transport offsite for charging. Another innovative use of the Xos Hub is as a rescue vehicle for EVs that run out of charge, saving the time and cost of towing. By bringing the Hub to the site, the vehicle can be charged then and there, introducing a new level of convenience and efficiency in EV operations.
“By 2050, Xcel Energy is committed to delivering zero-carbon fuel for all vehicles in the states we serve, and a key part of that vision is electrifying our own fleet,” said Jeff Savage, Xcel Energy’s senior vice president, chief audit and financial services officer. "We’re excited about our clean transportation future, and the ability to charge our electrified equipment at remote worksites is another step we’re pursuing to reduce carbon emissions."
Xos is committed to helping fleets make the transition to electric vehicles easier and more cost-effective. With the new generation of the Xos Hub™, fleets can now take advantage of an even more powerful and affordable mobile charging solution.
About Xos, Inc.
Xos is a leading technology company, electric truck manufacturer, and fleet services provider for battery-electric fleets. Xos vehicles and fleet management software are purpose-built for medium- and heavy-duty commercial vehicles that travel on last-mile, back-to-base routes. The company leverages its proprietary technologies to provide commercial fleets with battery-electric vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine counterparts. For more information, visit www.xostrucks.com.
Contacts
Xos Investor Relations
investors@xostrucks.com
Xos Media Relations
press@xostrucks.com
About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on X, formerly known as Twitter, and Facebook.
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This website and other items we publish, including through social media outlets, may include “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements, including but not limited to: (i) Xos, Inc.’s (“Xos”) ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities, (ii) Xos’ limited operating history, (iii) cost increases and supply chain shortages in the components needed for the production of Xos’ vehicle chassis and battery system, (iv) Xos’ ability to meet production milestones and fulfill backlog orders, (v) changes in the industries in which Xos operates, (vi) variations in operating performance across competitors, (vii) changes in laws and regulations affecting Xos’ business, (viii) Xos’ inability to implement its business plan or meet or exceed its financial projections (ix) Xos’ ability to retain key personnel and hire additional personnel, (x) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry and (xi) the outcome of any legal proceedings that may be instituted against Xos.
You should carefully consider the preceding factors and the other risks and uncertainties described in Xos’ filings with the Securities and Exchange Commission (the “SEC”), including its Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. Copies of Xos’ SEC filings may be obtained by visiting Xos’ Investors Relations website at investors.xostrucks.com or the SEC’s website at www.sec.gov. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
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