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Atlis Motor Vehicles Announces Summer 2023 Ship Date for New Battery Technology

NXU Inc.
NXU Inc.

Atlis rebrands to Nxu, Inc. with a global vision of untethered energy

Nxu Qube Battery Pack

Legacy electric batteries that power many of today’s vehicles have low range due to limitations in energy density and require long charge cycles. Nxu’s Qube, with its proprietary cells, is intended to address these challenges by allowing vehicles that use Nxu’s battery pack to charge faster, go farther, and have an extended lifespan.
Legacy electric batteries that power many of today’s vehicles have low range due to limitations in energy density and require long charge cycles. Nxu’s Qube, with its proprietary cells, is intended to address these challenges by allowing vehicles that use Nxu’s battery pack to charge faster, go farther, and have an extended lifespan.

MESA, Ariz., April 17, 2023 (GLOBE NEWSWIRE) -- Atlis Motor Vehicles, Inc. (NASDAQ: AMV) (“Atlis”), a  US-owned technology company manufacturing innovative battery cells and battery packs, for use in advanced energy storage systems and megawatt charging stations, announced today that it will ship its first battery packs to an off-highway equipment customer in Summer 2023. Atlis will rebrand as Nxu, Inc. (pronounced: “new”), a move that more closely aligns with the Company’s focus on developing technology to make electrification viable for mobility and infrastructure.

“At Nxu, we are driving an energy revolution by building energy solutions that enable a faster transition to an electric future,” says Nxu CEO and Founder Mark Hanchett. “Imagine not having to stop for hours to recharge during your family RV road trip or worrying about how to transition your business’s fleet from diesel to electric. The path towards this future begins with a hard reboot to existing battery and charging solutions and Nxu will pave the way through development of electric battery cells, battery packs, energy storage solutions and the world’s first megawatt (MW) charging stations, starting with the delivery of the Qube battery pack.”

Legacy electric batteries that power many of today’s vehicles have low range due to limitations in energy density and require long charge cycles. Nxu’s Qube, with its proprietary cells, is intended to address these challenges by allowing vehicles that use Nxu’s battery pack to charge faster, go farther, and have an extended lifespan. In addition, the Company’s energy solutions can be used to power various mobility products, residential and commercial energy storage systems, and charging infrastructure.

"Nxu's vertically integrated approach is designed to generate value for our shareholders and our customers across all levels of the value chain,” said Nxu President, Annie Pratt. “The company is committed to a milestone-driven strategy that prioritizes delivering the first battery packs and generating revenue this Summer."

The company's official website is now www.nxu.inc. The rebrand is part of a corporate reorganization to a holding company structure scheduled to close May 11, 2023 after a shareholder vote on May 9, 2023. Outstanding stock certificates will not be affected by the name change and will not need to be exchanged. All stock trading, filings and market-related information will be reported under the new corporate name and ticker symbol.

Nxu’s management team will host a live Zoom video webinar to discuss the re-brand and their vision of an untethered energy ecosystem today at 2 p.m. ET. Attendees can click here to register.

On Earth Day, April 22, 2023, Nxu is inviting the public to be among the first to charge their EVs on a Nxu charger at its headquarters in Mesa, AZ. The public will have the opportunity to tour the manufacturing facility and see how Nxu is building the Qube and the rest of their ecosystem from the ground up. The event will take place 10 a.m. - 6:00 p.m. (MST) at 1828 N Higley Rd, Ste 116, Mesa, AZ 85205.

About Nxu, Inc.

Nxu, Inc. is a vertically integrated technology company leveraging its intellectual properties and U.S.-manufactured battery innovations to support e-Mobility and energy storage solutions.
The Nxu Ecosystem will consist 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 – all wrapped in Nxu’s seamless subscription-based models. For more information, visit www.nxu.inc.

Forward-Looking Safe Harbor Statement
This communication includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "shall," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the offering, sale of securities, our ability to complete the offering and our intended use of proceeds. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Nxu and Nxu management. These forward-looking statements are subject to a number of risks and uncertainties, including all of the risk factors stated under the heading “Risk Factors” in the most recently filed Registration Statement, as well as other documents Nxu has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Nxu’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks of which Nxu does not currently know or that Nxu currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Nxu’s expectations, plans or forecasts of future events and views as of the date of this communication. Nxu anticipates that subsequent events and developments will cause Nxu’s assessments to change. However, while Nxu may elect to update these forward-looking statements at some point in the future, Nxu specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing nxu's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

CONTACT:
Mary Trout
Atlis Motor Vehicles
info@nxu.inc

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ef90bd1a-6a46-4f05-9930-f5f4a226b74b



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