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Custom EV conversion specialist ECD Automotive Design celebrated a huge milestone today, ringing the opening bell in New York City as it was officially listed on the NASDAQ following a successful SPAC Merger with EF Hutton. The merger gives the company specializing in classic UK vehicles plenty of runway to grow its already successful business.

Today’s ceremony at the New York Stock Exchange puts a bookend on a ten-year journey for ECD Automotive that began with three British gearheads essentially flying by the seat of their pants to deliver the most customizable, one-of-one vehicles to customers who have grown to love their talents so much; many have returned to purchase a second or third model.

Today, a new chapter begins as more and more ECD customers opt to go all-electric with their custom builds.

We at Electrek have been following the company’s progress for the last three years, making a habit of annual visits to see what co-founders Scott Wallace, Elliott Humble, and Tom Humble and their teams are working on next.

We’ve personally test-driven electric Land Rover Defenders and have watched the custom build specialist transcend its original footprint to a new 100,000 square-foot space down the street it’s already getting too large for.

Just last month, we visited the ECD team to test drive its latest EV conversion – an all-electric Jaguar E-Type – complete with a new drivetrain and battery setup offering many exciting new features. At the time, we learned that ECD was working on an IPO to list on the NASDAQ in December.

Earlier today, ECD completed its SPAC Merger and had the honor of ringing the opening bell in New York ahead of its official listing on the NASDAQ as ($ECDA).

ECD NASDAQ
The ECD team ringing the opening bell at the NYSE / Credit: NASDAQ.com

ECD Automotive officially joins NASDAQ as ECDA

Ahead of this morning’s public listing, ECD Automotive Design completed a business combination with EF Hutton Acquisition Corporation I ($EFHT) – a special purpose acquisition company (SPAC) formed by EF Hutton.

From today forward, the newly combined company will be named “ECD Automotive Design Inc.” in a deal that pays existing ECD shareholders $2 million in cash and a slew of securities. EFHT agreed to a $15 million private investment in public equity (PIPE) after ECD was valued at a proforma enterprise value of $330 million.

Co-founder and CEO Scott Wallace will remain the head of the freshly merged company and will continue its unique resto-mod work alongside fellow co-founders Tom Humble, Emily Humble, Elliott Humble, and CFO Raymond Cole. Wallace spoke following ECD’s NASDAQ listing:

This transaction and a Nasdaq listing positions ECD to accelerate our growth as the scaled leader in restomods. We create truly ‘one of one’ vehicle builds and offer highly engaging experiences for consumers who share our genuine passion for automotives. With demand for these creations on the rise, we are in the pole position to expand our business by bringing new innovations to our product line and consolidating the fragmented industry. This is an exciting milestone for our staff, customers and many fans.

In speaking with Wallace before the merger, his biggest concern was ensuring ECD’s product quality and customer service remain at the most elite level – two pillars that have helped propel the company through its last decade of growth. With a NASDAQ listing and fresh funding in place, ECD should feel empowered to explore exciting new restorations and EV conversions of classic cars. We’re sure they already have some ideas in the works.

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Video: Exploring the outdoors and testing off-road capabilities with NIU’s XQi3

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Video: Exploring the outdoors and testing off-road capabilities with NIU's XQi3

With the winter in full swing, it’s easy to spend most of the time indoors, but if you’re still looking to scratch that itch to get out and spend more time outside exploring, the XQi3 by NIU is the perfect solution to explore both trails and urban spots. On top of NIU designing the XQi3 with some great handling for off-road riding, it’s also fully street-legal.

It’s always a blast to be out in the trails enjoying nature but for urban areas, there’s usually a lot to explore and luckily the XQi3 is able to be registered as a moped. NIU has an EKHO Dealer collab that enables NIU to sell licensed and registered vehicles to customers directly, making it easy to ride off with a fully compliant street-legal bike. 

Before we get into how it handles off-road let’s go through some of the quick specs.

The XQi3 has a top speed of 45 km/h for street-legal use and up to 80 km/h for off-road. Powering the bike is a removable 72v 32ah LG lithium-ion battery, which gives you a max range of 90km on a single charge, of course, that will vary depending on if you are in eco or sports mode, but it’s certainly plenty of range to explore new trails or new sites without having range anxiety, and since it is removable, you’ll be able to charge it anywhere, anytime.

Okay, now that we got some of those specs out of the way, it’s time to dive into one of the most exciting aspects about this bike which is just how great the handling feels while riding off road. This probably won’t be listed on a spec sheet but the wide grippy seat and overall design of this bike makes it very functional as an offroad bike. 

NIU made this bike for riders to actually use offroad and one of the obvious signs of that is the stock skidplate that they added for more protection. 

While the lightweight feel and torquey motor give a ton of confidence while riding, knowing that the bike is robust enough for this kind of riding is encouraging for trying out new sections that would normally feel intimidating. 

And with that extra level of protection dropping the bike is not as worrying as you might think making it easy to pick up the bike, and continue riding just as you would on any other powersports bike. 

As for the suspension the XQi3 uses adjustable front and rear KKE suspension that lets you fine-tune the compression, rebound, and preload depending on your size and what kind of riding you intend to do. 

While riding through roots and loose dirt the 19-inch off-road tires hold up surprisingly well and with the tread patterns not being too aggressive it’s a great balance between traction and durability since very aggressive tread patterns typically wear out fairly quickly when using them on the tarmac. 

And to brake the XQi3 features 203 mm rear disc brakes and 220 mm front disc brakes giving some great braking action for both on and off-road action. 

NIU also added some great tech onto the XQi3 which includes seamless app connectivity via Bluetooth letting you unlock a world of features from monitoring your battery and vehicle status to tracking your route history. 

In addition NIU is the only company in the category that has the ability to send out OTA updates.

For security the bike uses an NFC card to unlock  but can also be unlocked via bluetooth.

And through your controls as well as the display you can navigate to eco or sport mode and you can also use the Ultraboost to get you up to 8000W up from the 3500W of rated power. Through the display you’ll also be able to check your battery level, speed, lap times and more. 

For added safety, NIU included an emergency kill switch where if disconnected, the feature will automatically cut off power to the motor just in case of any emergency. 

For those unfamiliar with NIU, the brand is now celebrating their 10 year anniversary and with that they’ve announced that the brand will be starting assembly in the US and is soon entering into the powersports segment .

Overall this is a great feeling offroad bike that is fully street-legal and comes with all the requirements to be fully compliant as a road-legal moped. I had a ton of fun exploring 

With the XQi3, the premium build quality, long range, and flexibility make it a blast to go out even if it’s the middle of winter. 

To check out NIU on socials you can find them @niumobility and for more of their lineup you can check out their website here.

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3,500 unit order gives British telecom UK’s largest commercial EV fleet

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3,500 unit order gives British telecom UK's largest commercial EV fleet

British telecom provider BT Group has committed to adding 3,500 new EVs to its commercial truck and van fleet over the next two years, bringing its total EV count to 8,000 units and giving it the largest electric vehicle fleet in the UK.

With more than 27,000 in its total fleet, BT Group is one of the largest operators of commercial vehicles of any kind – ICE or electric – in the UK. Now, the company says it has plans to become a fully net zero business by 2031, and looks to electrify all (or nearly all) of its vehicles over the next five years.

Company executives believe the addition of the new EVs (which will see a mix of vehicles deployed from Ford, Stellantis, Toyota, and Renault) will give it “the edge” as it aims to upgrade UK residents to full fiber internet.

By integrating yet more electric vehicles into our operations, we are taking another significant step towards reducing our carbon footprint and supporting the UK’s transition to a greener future,” said Simon Lowth, Chief Financial Officer, BT Group. “As we extend our full fiber build from 16 million homes and businesses today to 25 million by the end of 2026, having the most efficient, sustainable electric vehicles will give our engineers the edge as they connect customers at pace to our next generation networks.”

In addition to pushing for its own carbon neutrality, BT Group is fighting the good fight – and is among a small number of large fleet operators in the UK actively supporting the nation’s proposed 2030 ban on ICE vehicles.

As such, political supporters of the ban have been quick to sing BT Group’s praises. “We want to help more businesses decarbonize their operations,” explains Lilian Greenwood, Future of Roads Minister. “(We’ve) extended our plug-in van grant with £120m funding to help roll out more zero emission vans on our roads – part of our £2.3bn to support industry and consumers switch to EVs and make the transition a success.”

Electrek’s Take

Ford E-Transit work van; via Ford Pro.

Despite all the doom, gloom, and wishful thinking from the anti-EV crowd, the numbers paint a narrative of swift expansion in the commercial EV and ZEV (Zero-Emission Vehicle) markets driven by strong incentives, up-front cost parity with ICE, and proven reductions in vehicle downtime and maintenance costs.

Expect continued growth in the commercial EV space in the months and years ahead, with virtually no going back.

SOURCE | IMAGES: BT Group, via Electrive.

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Illinois awards $100M for electric truck charging corridor, Tesla to get $40M

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Illinois awards 0M for electric truck charging corridor, Tesla to get M

In a move that’s expected to play a crucial role in supporting the transition to medium- and heavy-duty electric vehicles, $100 million of the Biden Administration’s last-minute $635M payout is headed to Illinois to help build out an electric truck charging corridor.

While Tesla failed to secure funding for its heavy-duty electric truck chargers at the Federal level, Tesla was one of four companies – the others being Prologis, Gage Zero, and Pilot Flying J – that will be splitting the $100 million awarded by the Illinois Environmental Protection Agency’s CFI program.

Tesla is understood to have requested fully 40% of the $100MM award, with Prologis requesting $60 million, Gage Zero requesting $16 million, and Pilot requesting $10 million.

The project will facilitate the construction of 345 electric truck charging ports and pull-through truck charging stalls across 14 sites throughout Illinois, with each of the awarded companies putting up some of its own money to support the infrastructure buildout as well. To that end, Prologis is expected to invest $18 million, Tesla $19 million, Gage Zero $4 million, and Pilot travel stations committing $2.5 million.

“Most of the development has happened on the coasts, and there’s nothing really happening in the Midwest, which is not great for long-haul trucking,” said Megha Lakhchaura, Illinois’ state EV officer. “We think that this hub could be of national importance.”

Lakhchaura isn’t wrong. More than 30,000 commercial trucks travel the state’s I-80 and I-90 corridor each day – and electrifying those trucks would make a huge impact in the public health and quality of life along the heavily populated roadways.

The Illinois EPA’s $100 million awards join Illinois utility ComEd’s $90 million push to build out a commercial EV charging infrastructure and encourage commercial EV adoption along the I-80/90 corridors, as well as the state’s own EV rebates for both private and company-owned battery electric vehicles.

SOURCES: TechCrunch, via Yahoo! Finance; MSN.

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