The EV maker Canoo announced on Thursday that has been selected by U.S. Army to supply an electric vehicle for analysis and demonstration supporting the U.S. military’s focus to “incorporate scalable and adaptable capabilities in operational and garrison environments”.
“As an American company based in the heartland, it is an honor to be selected by the U.S. Army,” said Tony Aquila, Investor, Chairman & CEO at Canoo. “This is another opportunity to prove our proprietary technology – which is customizable and adaptable for multiple use cases and special environments.”
The announcement follows the previous selection by NASA for crew transportation vehicles to deliver astronauts to the Artemis launch site for lunar missions to establish the first long-term presence on the Moon.
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Earlier this week, the EV maker signed a deal with Walmart to purchase 4,500 all-electric delivery vehicles, beginning with the Lifestyle Delivery Vehicle (LDV), with the option to purchase up to 10,000 units. The EV maker also confirmed the anticipation of starting production of the Lifestyle Delivery Vehicles beginning in Q4, 2022.
The LDV is expected to begin hitting the road as soon as next year and the companies plan to “kick-off advanced deliveries to refine and finalize vehicle configuration in the Dallas Fort Worth metroplex in the coming weeks,” the EV maker said.
Canoo’s electric vehicles will be driven by Walmart associates and used to deliver online orders, from groceries to general merchandise, as well as the potential to be used for Walmart GoLocal, the retailer’s delivery-as-a-service business.
Recently, the electric vehicle start-up filed for up to 48,043,111 shares offering by selling stockholders expecting to receive up to $250 million in aggregate gross proceeds.
On May 10, Canoo reported its Q1 2022 financial results announcing $600 million in accessible capital to optimize the company’s financial needs to start production. A total of $300 million in total funding via a committed PIPE from an existing shareholder and an equity purchase agreement with financing partner Yorkville Advisors and a $300 million universal shelf.
At the time, the company disclosed having more than 17,500 preorders with a projected value of $750 million and a growing pipeline.