US-based electric truck manufacturer Xos Trucks received $20m in funding in early 2020 from investors including Proeza Ventures, the strategic fund formed by conglomerate Grupo Proeza, it revealed yesterday.
The round also featured Build Capital Group, and Rodolfo Elias Dieck, managing director of Proeza Ventures, is joining the company’s board of directors alongside Mark Lampert of Build Capital Group.
Xos manufactures plug-in electric trucks for customers such as package delivery service UPS and cash transporter Loomis that utilise its proprietary X-Platform chassis and battery technology.
Proeza is also the owner of Metalsa, an automotive component manufacturer that assisted Xos in the design of X-Platform and which provides parts for its vehicles. The cash will fund an expansion in production.
Rodolfo Elias Dieck said: “We are thrilled to back an experienced, technical and mission-driven team that is one of the few with vehicles on the roads in customers’ hands, a strong pipeline of customers and an exciting slate of new vehicles in the works.”
