Xos, Inc. Unveils Lyra Series™ Battery Pack System

Advanced battery back system offers improvements in energy density, cost, and performance; customer deliveries begin in Q4

Los Angeles, California, UNITED STATES

LOS ANGELES, Nov. 11, 2021 (GLOBE NEWSWIRE) -- Xos, Inc. (NASDAQ: XOS), a leading manufacturer of fully electric Class 5 to Class 8 commercial vehicles, today unveiled its Lyra Series™ (“leer-ah”) of battery systems, including the Lyra 30™ and Lyra 60™, to be installed on new Xos vehicles beginning in Q4 of 2021. The second series of proprietary battery systems built and designed by Xos, the Lyra Series features a system level 52% improvement in gravimetric energy density and a 45% improvement in volumetric energy density, offering a lighter overall pack that is more compact for the same, or more, net payload capability.

“This new series of battery systems builds on the proven durability and reliability of our previous battery systems that have been in commercial use since 2018, while delivering greater efficiency and modularity to meet a broad set of customer requirements,” said Giordano Sordoni, Co-Founder and Chief Operating Officer of Xos. “We have long been focused on manufacturing purpose-built batteries that can stand up to the rigors of commercial use. This next generation battery system represents a significant milestone on our journey of continuous improvement around our battery technology."

The Lyra Series includes two sizes of battery, Lyra 30 (29.4 kWh) and Lyra 60 (61.8 kWh), offering 25 and 50 miles of range on a last mile delivery vehicle, respectively. Both battery systems can be installed on any existing vehicle built with Xos' proprietary modular chassis platform, the X-Platform, and battery systems can be combined to achieve a fleet’s required range. Each system features individual, recirculated air cooling and an independent battery management system, offering enhanced modularity and improved reliability.

“Like all our batteries, the Lyra Series has been designed from the ground up and built specifically for the commercial trucking market,” said Rob Ferber, Chief Technology Officer at Xos, Inc. “Everything in each system is our design, our manufacturing, and our supply chain. This allows us to be nimble in introducing enhancements or maneuvering around current supply chain challenges, and allows us to operate and scale production more quickly and with greater flexibility.”

About Xos, Inc.
Xos, Inc. is an electric mobility company dedicated to decarbonizing commercial trucking fleets. Xos designs and manufactures cost-competitive, fully electric commercial vehicles. The company’s primary focus is on medium- and heavy-duty commercial vehicles that travel on last mile, back-to-base routes of less than 200 miles per day. The company leverages its proprietary technologies to provide commercial fleets with zero-emission vehicles that are easier to maintain and more cost efficient on a total cost of ownership (TCO) basis than their internal combustion engine and commercial EV counterparts. For more information, please visit xostrucks.com.

Forward-Looking Statements
This press release includes “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 include, but are not limited to, statements regarding the improved energy density, cost, design and performance of Xos, Inc.’s (“Xos”) new Lyra Series of battery systems. 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 in this press release, including but not limited to: (i) 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 delays in production due to 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’ ability to implement its business plan or meet or exceed its financial projections (ix) Xos’ ability to retain key personnel and hire additional personnel, particularly in light of current and potential labor shortages, (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 foregoing factors and the other risks and uncertainties described under the heading “Risk Factors” included in Xos’ Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the “SEC”) on September 14, 2021 and Xos’ other filings with the SEC, copies of which may be obtained by visiting Xos’ Investors Relations website at https://investors.xostrucks.com/ or the SEC's website at www.sec.gov. These filings 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. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Xos assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Xos does not give any assurance that it will achieve its expectations.


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Lyra Series™ by Xos, Inc. Lyra Series™ by Xos, Inc.