Move follows successful testing and analysis of Canoo's
patented technology
JUSTIN,
Texas, July 10, 2023 /PRNewswire/ -- Canoo
Technologies (NASDAQ: GOEV), an advanced mobility company,
announced today that the U.S. Department of Defense's Defense
Innovation Unit (DIU) significantly expanded the scope of its
previously announced partnership.
The company says it has leveraged it advanced commercial battery
and integration expertise to deliver to the Department of Defense
partners a technologically advanced battery pack that can be scaled
for use on operational military platforms and will set the stage
for standardization of energy dense lithium batteries for the U.S.
Navy. This follows DIU's testing and analysis of Canoo's
proprietary technology since February
2023.
This announcement further DIU's Jumpstart for Advanced Battery
Standardization (JABS) program (DoD Prototyping Commercial
Batteries To Electrify Future Military Platforms (diu.mil).
JABS accelerates "form-fit-function battery standards for defense"
by using proven and protected commercial EV battery technologies
for military use.
"We are honored to deepen our collaboration with the Department
of Defense," says Tony Aquila. Chairman and CEO, Canoo. "We
are inspired by their leadership and focus on encouraging American
innovation. A core value to our re-founding is to invent and
leverage our technology to contribute to our nation's leadership in
defense technology. We are guided by our commitment to
continuously innovating our patented technologies to better equip
our partners to win whether it be in commercial or consumer
markets, or in aiding our nation's defense."
Canoo's proprietary battery system is modular and offers
industry-leading performance features, supporting various military
applications and configurations. Designed for flexibility,
modularity, and compatibility, Canoo's battery system is future
proofed in its capability to incorporate the latest advancements of
battery technology. Canoo's agreement with DIU will be
instrumental in achieving strategic energy resilience.
Canoo has a battery module manufacturing facility at MidAmerica
Industrial Park in Pryor,
Oklahoma, within the Cherokee Nation. In phase one,
the new facility will create over 200 advanced manufacturing
jobs. In addition, Canoo will be the first technology company
to produce battery modules and packs primarily using hydro and wind
power sources from the Grand River Dam Authority based in
Oklahoma, Aquila notes.
The DIU partnership expansion further validates Canoo's
technological and operational reliability as a select partner for
some of the U.S. government's most demanding projects, such
as: Delivering the Light Tactical Vehicle (LTV) to the U.S.
Army and supplying Crew Transportation Vehicles (CTVs) to the
National Aeronautics and Space Administration (NASA) for the
Artemis lunar landing missions.
About Canoo
Canoo's mission is to bring EVs to Everyone. The company has
developed breakthrough electric vehicles that are reinventing the
automotive landscape with their pioneering technologies, unique
design, and business model that spans multiple owners across the
full lifecycle of the vehicle. Canoo designed a modular electric
platform that is purpose-built to maximize the vehicle interior
space and is customizable for all owners in the vehicle lifecycle,
to support a wide range of business and consumer applications.
Canoo has teams in California,
Texas, Michigan, Oklahoma, and Arkansas. For more information, please visit
www.canoo.com. For Canoo press materials, including photos, please
visit press.canoo.com. For investors, please visit
www.investors.canoo.com.
Forward-Looking Statements
The information in 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.
Forward- looking statements may be identified by the use of words
such as "estimate," "plan," "project," "forecast," "intend,"
"will," "expect," "anticipate," "believe," "seek," "target" 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 estimates and forecasts of financial and
performance metrics, expectations and timing related to commercial
product launches and the achievement of operational milestones,
including the ability to meet and/or accelerate anticipated
production timelines, Canoo's ability to capitalize on commercial
opportunities, current or anticipated customer orders, and
expectations regarding the development of facilities. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of Canoo's management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Canoo. These
forward-looking statements are subject to a number of risks and
uncertainties, including changes in domestic and foreign business,
market, financial, political and legal conditions; Canoo's ability
to access future capital, via debt or equity markets, or other
sources; the rollout of Canoo's business and the timing of expected
business milestones and commercial launch; future market adoption
of Canoo's offerings; risks related to Canoo's go-to-market
strategy and manufacturing strategy; the effects of competition on
Canoo's future business, and those factors discussed under the
captions "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in Canoo's Annual
Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the U.S. Securities
and Exchange Commission (the "SEC") on March
1, 2022, as well as its past and future Quarterly Reports on
Form 10-Q and other filings with the SEC, copies of which may be
obtained by visiting Canoo's Investors Relations website at
investors.canoo.com or the SEC's website at www.sec.gov. If any of
these risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
Canoo does not presently know or that Canoo 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 Canoo's expectations, plans or
forecasts of future events and views as of the date of this press
release. Canoo anticipates that subsequent events and developments
will cause Canoo's assessments to change.
However, while Canoo may elect to update these forward-looking
statements at some point in the future, Canoo specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing Canoo's assessments as of
any date subsequent to the date of this press release. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
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SOURCE Canoo