Electric mobility startup Xos Trucks Inc. raised $20 million to keep up with orders for its modular chassis. The money is helping meet demand for underpinning medium-duty regional and last-mile delivery trucks with its X-Platform.
Investors included Proeza Ventures, a Mexican mobility-focused venture capital firm backed by the holding company of auto supplier Metalsa. BUILD Capital Group also participated.
FreightWaves reported the capital raise in June. But Xos only revealed the amount Tuesday. Metalsa helped Xos design the X-Platform. It is providing components to the chassis as part of the investment.
Xos has test trucks operating in the Los Angeles area with United Parcel Service (NYSE: UPS) and Loomis Armored trucks. It plans to further scale the production of its X-Platform that underpins the UPS and Loomis vehicles.
“It’s our goal to provide reliable, affordable and sustainable transportation as the volume of e-commerce demands are increasing, and have accelerated during the pandemic,” said Xos co-founder and CEO Dakota Semler.
Rodolfo Elias Dieck of Proeza Ventures and Mark Lampert of BUILD Capital Group will join the Xos Board of Directors.
“We’ve been impressed with what the Xos team has been able to achieve in such a short amount of time and with limited funding,” said Dieck, Proeza managing director. “They have designed and engineered a proprietary, reliable and affordable battery pack and skateboard solution for commercial fleets.”
Co-founder and Chief Operating Officer Giordano Sordoni said the investment is critical to scaling the business to meet demand for new orders coming in monthly. Xos uses Fitzgerald Glider Kits as its contract manufacturer.