OX Delivers returns to CENEX with the Next Generation OX Truck and announces further equity investment
Thursday, 1 September 2022
OX Delivers, the innovative start-up delivering EV logistics in Africa, announced today that it will be showcasing its next generation OX Truck at the CENEX Low Carbon Vehicle Show and announced a further £2.5m equity investment. The OX Truck will be exhibited on the UK Government Pavilion Stand as part of the Advanced Propulsion Centre’s APC19 showcase. The CENEX LCV event takes place at Millbrook Proving Ground on the 7th and 8th of September 2022.
Today in emerging and frontier markets 3.5 billion people lack access to motorised transport. The situation is most extreme in Africa where 70% of goods are head-carried by women and children. This creates extremely inefficient value chains and prevents entrepreneurs and SMEs from building profitable businesses.
OX Delivers’ innovative business model enables these customers to leapfrog to zero emissions transport by providing on-demand, pay-as-you-need transport using shared EV trucks.
To provide this service OX Delivers has developed the next-generation OX Truck. This is the only EV truck purpose designed for on-demand operations and the tough terrain found in rural emerging markets. By focusing on on-demand OX Delivers is shaking up the traditional automotive model by focusing on lifetime ownership rather than point-of-sale price.
12 months ago, the first electric OX Truck was launched at CENEX. Since then, the OX Delivers in-house R&D teams have modified every system in response to testing and market feedback. Today the next generation OX Truck is being showcased featuring significant enhancements to driver comfort and the cabin, twice the EV range as well as improved safety through enhancements in visibility, lighting, and crash performance.
A major highlight of the past year was the award of a multi-million-pound APC19[i] grant funded by the UK Government. OX Delivers and its collaborators have begun work on the Clean Logistics for Emerging African Nations (CLEAN) project to develop the purpose-designed electric OX truck. The 27 month project will invest £17.1m (50% grant funded) in bringing the OX Truck into production including:
creation of energy-dense, long-life, lower-cost batteries in partnership with Potenza Technology
creation of the first UK-manufactured affordable high-volume EDU in partnership with Dana
development of a lightweight, resilient structure for the OX in partnership with Penso Consultancy
developing a highly innovative digital twin ecosystem that combines real-world performance monitoring with automated testing and manufacturing systems in partnership with Coventry University and FLAGS Technology
establishment of UK manufacture of the OX truck as a flat pack kit for local assembly in Africa.
Together these innovations enable OX Delivers to leverage the on-demand business model to create a profitable operation and a sustained competitive advantage.
The OX truck has been proudly showcased at COP26 in Glasgow, as well as the Commonwealth Heads of Government Meeting in Kigali, attracting attention from media around the world such as CNN[ii] and The New Yorker[iii].
OX Delivers’ Rwandan operation has grown rapidly recently serving its 1000thcustomer and hitting the milestone of generating RWF 200,000M in revenue ($200k). The operations have expanded into four depots supported by funding from USAID in recognition of the positive impact the OX service is having on the communities being served.
Today OX is also announcing that it has closed a further £2.5m in equity investment bringing the total grant and equity funding awarded since September 2020 to over £20m.
OX Delivers Managing Director Simon Davis said: “We are very proud to be revealing the in-house developed next generation OX truck. Our R&D teams have demonstrated how our agile engineering methods can implement changes quickly and effectively. The next generation is a big leap forward from OX:ONE which was launched last year, and we are looking forward to getting it into the market.”
The OX team will be available on the UK government pavilion stand to talk further about OX Delivers, so please come and say hello and take a look at the next generation OX truck.
OX Delivers has a vision to drive prosperous, net zero trade in rural emerging markets, by delivering on-demand logistics using zero-emissions trucks.
OX Delivers an innovative service using proprietary software, purpose-designed electric trucks, and an entrepreneurial depot operating model.
Operations have been established in OX’s first market, Rwanda, which has demonstrated high demand for the service and expanded significantly since first revenue in March 2021. By enabling customers to access EV transport on a pay-as-you-go basis, OX Delivers can serve the billions of people who will never be able to afford to buy a vehicle.
OX Delivers' Warwickshire-based R&D team has developed the electric OX truck; the first 3.5tonne EV truck purpose designed for on-demand operations in emerging markets. Backed by the UK Government through the Advanced Propulsion Centre, the trucks are now testing in-market and preparing for production.
To build on the opportunity the APC19 funding presents, OX is currently raising funds providing angel investors with the opportunity to join this exciting journey. For more information on EIS-eligible investment please click here.
Natalie Dowsett, Head of Business Growth at OX Delivers