Former Electric Vehicle Maker a Year Later: New Life as a Technology Provider
A year ago, Mark Hanchett realized his dream of a 500-mile-range electric pickup able to tow 35,000 pounds wasn’t going to happen any time soon. So, he pivoted and his company Atlis Motor Vehicles became Nxu Inc., a venture more focused on vehicle chargers, not the cars and trucks themselves.
It hasn’t been easy — the company recently cut a lot of jobs and is anticipating a partner to stabilize its future — but, Hanchett said things are moving in the right direction. Shortly after the rebrand, Nxu unveiled a multilayer pouch cell called the Qcell, the first product in its scalable energy solution.
Aside from the Qcell, Nxu also has the Qube battery pack, Qube+ ESS, and Qube+ BESS. Its newest offering, the NxuOne charging system, currently has a pilot location in Mesa, Arizona, where the company is headquartered.
More recently, there’s been news of a possible “business combination” for Nxu: The company announced that it was evaluating “strategic alternatives” with help from outside advisors after finding potential for a combination “for sustainable long-term value creation” that would strengthen its financial profile.
Specifics were scarce in the release, but it did say the company’s leaders don’t know when the evaluation might be completed and that they had “significantly” reduced Nxu’s headcount, among other cost-saving measures, in anticipation of a combination.
Shortly before that announcement, Nxu’s CEO and founder Mark Hanchett spoke with IndustryWeek about some of the company’s biggest achievements and challenges since switching focus, as well as his team’s next steps.
