<div>
  <ul>
    <li>
      <p>
        Xos, a developer of battery-electric heavy- and medium-duty trucks, has announced a partnership with Penske Truck Leasing, a fleet solution provider to add Xos' Class 6 battery electric vehicle (BEV) stepvans to Penske's fleet. Penske plans to deploy the stepvan across multiple customers in various industries.
      </p>
    </li>
    <li>
      <p>
        Xos&rsquo; Stepvan, designed for commercial applications, can travel up to 150 miles on a single charge and features a gross vehicle weight rating of up to 23,000 pounds.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://www.globenewswire.com/news-release/2023/10/26/2767543/0/en/Penske-Truck-Leasing-Adds-Xos-Stepvan-to-its-Electric-Fleet-Offering.html">
      Press release
    </a>
  </p>
  <p>
  </p>
</div>


EV Economy

DISRUPTOR_PRESENT

PROMINENT_CATEGORY

<div>
 <ul>
  <li><p>Xos and Penske Truck Leasing have partnered to add Xos' Class 6 battery electric vehicle (BEV) stepvans to Penske's fleet. The stepvans will be deployed across multiple customers in various industries.</p></li>
  <li><p>The Xos Stepvan is designed for commercial applications and can travel up to 150 miles on a single charge. It has a gross vehicle weight rating of up to 23,000 pounds.</p></li>
 </ul>
</div>

Xos to deploy BEVs under Penske Truck Leasing’s truck fleet

Moving industry forward with next-gen advancements in energy storage and transmission

Alternative Energy

<div>
<p>Moment Energy, a company specializing in repurposing EV batteries, has received a grant of USD 20.3 million from the US Department of Energy (DOE). This grant is part of the Biden-Harris Administration's clean energy manufacturing initiative which is worth USD 428 million. This new funding elevates Moment Energy's total investment to USD 43 million.</p>
<p>These funds will be allocated towards the construction of a gigafactory in Taylor, Texas. This construction is expected to commence in the first quarter of 2025. This facility is intended for the production of battery energy storage systems, which will be assembled from previously used EV batteries. Once the facility is completely operative, it's predicted to yield an annual production capacity of one GWh.</p>
</div>

Moment Energy secures USD 20.3 million in government funding from US Department of Energy

<div>
 <p>Energy storage solutions provider, Fluence Energy, has revealed its intention to issue USD 300 million in convertible senior notes due 2030. This will also include an additional option for initial buyers to purchase USD 45 million aggregate principal amount of notes within a 13-day period. As a result, the total funding for the company will be elevated to USD 525 million.</p>
 <p>The acquired funds will be utilized for fulfilling working capital needs, general corporate purposes, and also for the enhancement of one of the company's battery cell production lines. This enhancement will involve upgrading from 305 amp-hour cells to 530 amp-hour cells. </p>  
</div>

Fluence Energy raises USD 300 million in convertible notes to upgrade battery production

Empowering Tomorrow's Innovations with Generative AI Infrastructure

Generative AI Infrastructure

<div>
 <p>Observability platform, Coralogix, has bought Aporia, a company specializing in AI workload monitoring and security for USD 50 million. Following this acquisition, Coralogix is set to launch Coralogix AI, an AI research center led by Aporia's co-founders. The aim is to integrate Aporia's technology into Coralogix's service to provide a singular platform to monitor AI and traditional workloads. This will offer insights into infrastructure, applications, data pipelines, and AI systems.</p>
 <p>Aporia offers businesses the tools required to secure and observe their AI workloads and to set guardrails to prevent unintentional disclosures and hallucinations. The company previously raised a total of USD 30 million in funding, including a USD 25 million Series A round in 2022.</p>
</div>

Coralogix acquires AI observability platform Aporia for USD 50 million

Technologies bringing about a new reality

Extended Reality

ANALYST_QUICK_TAKE

<div>
 <p>Chinese VR headset manufacturer, Pimax, has announced its new compact Dream Air VR headset. The headset, allocated for a release in May 2025, is currently available for pre-orders at a price point of USD 1,900.</p>
 <p>Ergonomically lightweight, the Dream Air headset boasts an array of features. This includes 13MP micro-OLED resolution per eye at a 90Hz with HDR, and a field of view of 102°. It also comes equipped with inside-out tracking, motion controllers, hand tracking, onboard audio and options for prescription lenses. Additionally, this headset will include eye tracking, and industry-first automatic IPD and strap tightening.</p>
 <p>The highlight of the Dream Air headset lies in the automatic strap tightening — a first in the industry — which is designed to provide a perfect balance between comfort and stability thereby enhancing user experience. Simultaneously, the automatic IPD (interpupillary distance) feature adjusts the distance between lenses matching the width of the user's eyes, contributing to easy usage and improved vision.&nbsp;</p>
</div> <p><b>Analyst QuickTake:<br>
</b> Pimax introduced the Crystal Super ( USD 1,799) and Crystal Light ( USD 699) in <a href="https:<br>
//sp-edge.com/updates/28482"> April 2024, </a> with the Super offering premium features like QLED/micro OLED panel interchangeability, while the Light focuses on affordability with lower resolution and fewer features. The Dream Air, weighing 200 g, targets portability with a 3,840 x 3,552 resolution, similar to the Crystal Super, but lacks advanced features such as dynamic foveated rendering. It outperforms the Crystal Light with eye-tracking, automatic IPD, motion controllers, and hand-tracking. The Dream Air aims for a lightweight, user-friendly experience, foregoing some high-end features for portability.</p>

Pimax announces compact Dream Air VR headset for USD 1,900

Automation to improve business efficiency

Workflow Automation Platforms

<div>
 
 <p>HuLoop Automation, a workflow automation platform, has procured Series A funding from Mighty Capital and Moneta Ventures. The funds will be channeled towards product innovation, customer success, enhancing its automation platform, and broadening its market reach.</p>
 
</div> <p><b>Analyst Quicktake:<br>
 </b> Recently, investor interest in Gen-AI-based automation startups have been growing rapidly, with many companies raising funds. Notable examples include <a href="https:<br>
//sp-edge.com/companies/3796732"> Salt AI, </a> <a href="https:<br>
//sp-edge.com/companies/2950864"> RapidCanvas </a> , <a href="https:<br>
//sp-edge.com/companies/3595466"> UnifyApps </a> , <a href="https:<br>
//sp-edge.com/companies/3257282"> Artisan </a> , and <a href="https:<br>
//sp-edge.com/companies/3426107"> CrewAI </a> , which have raised <a href="https:<br>
//sp-edge.com/updates/37360"> USD 3 million, </a> <a href="https:<br>
//sp-edge.com/updates/37139"> USD 16 million </a> , <a href="https:<br>
//sp-edge.com/updates/35824"> USD 20 million </a> , <a href="https:<br>
//sp-edge.com/updates/34163"> USD 11.5 million </a> , and USD <a href="https:<br>
//sp-edge.com/updates/35213"> 18 million </a> , respectively. Moreover, this round also marks HuLoop’s second funding round for the year, since it raised <a href="https:<br>
//sp-edge.com/updates/27023"> USD 5 million </a> in February.</p>

HuLoop raises Series A funding from Mighty Capital

Helping employers provide personalized, high-touch, and holistic financial wellness tools to their entire workforce.

Financial Wellness Tools

INCUMBENTS_PRESENT

<div>
 <p>Fiserv, a global provider of payments and financial services technology, is set to acquire Payfare, a provider of program management solutions for gig economy workforces. The financial details of the agreement are undisclosed, and the transaction is projected to be completed in the first half of 2025, pending shareholder and regulatory approvals.</p>
 <p>Payfare, an international leader in Earned Wage Access, offers instantaneous access to earnings via a digital banking platform. The company collaborates with ecommerce marketplaces, payroll platforms, and employers to ensure financial security and inclusion for workers.</p>
 <p>The takeover will integrate Payfare's card program management, white-label consumer app, and microservices orchestration layer with Fiserv's processing capabilities, bank ledgers, and integrated value-added services. This will further enhance Fiserv's embedded banking, payments and lending solutions.</p>
 
</div>

Fiserv to acquire Payfare for undisclosed sum to enhance embedded finance solutions

Democratizing financial technology with a suite of API-based solutions

FinTech Infrastructure

<div>
 <p>Fiserv, a worldwide provider of financial services technology, has decided to purchase Payfare, a company offering program management solutions for gig economy workforces. The acquisition cost is currently undisclosed and the deal is likely to be concluded by the first half of 2025, pending necessary approvals from regulatory bodies and shareholders.</p>
 <p>Payfare is an international leader in Earned Wage Access, providing instant access to earnings through a digital banking platform. It collaborates with ecommerce marketplaces, payroll platforms, and employers to ensure financial security and inclusion for laborers.</p>
 <p>This move will integrate Payfare's card program management, white-label consumer application, and microservices orchestration layer into Fiserv's existing services. This includes Fiserv's processing capabilities, bank ledgers, and integrated value-added services, which are expected to greatly improve Fiserv's embedded banking, payments, and lending services.</p>
 
</div>

Information to create a more efficient, cleaner and safer way to travel in the city of the future

Smart Mobility Information

<div>
 <p>Portuguese transport management platform, Meight, has secured a funding of EUR 3.4 million (~USD 3.54 million). The funding round was led by Cusp Capital and had participation from Grupo Lusiaves, Faber, and EIT Urban Mobility.</p>
 <p>This funding is set to facilitate the expansion of Meight's operations across Europe. It will also accelerate the advancement of its cloud-based transport system, including the improvement of AI-enabled freight planning capabilities.</p>
 <p>Stationed in Portugal, Meight offers transport management solutions powered by AI. This allows companies to manage various operations ranging from route planning to reporting. Their patented technology along with a driver application aims to lessen fuel consumption and cut down carbon emissions. This is achieved by minimising unnecessary trips and promoting paperless operations. The platform can connect with enterprise systems, process telemetry data, anticipate fuel needs, and pinpoint non-compliant driving patterns. In addition, it offers users the ability to ensure driver compliance by means of uploading necessary documentation and pre-setting travel routes.</p>
 </div>

Meight raises EUR 3.4 million in funding led by Cusp Capital

Additive manufacturing makes objects by systematically adding material via a CAD program

Additive Manufacturing

<div>
 <p>Desktop Metal, a metal 3D printing company, has sued Nano Dimension, an additive manufacturing solution company, in the Delaware Court of Chancery for allegedly failing to fulfill their obligations in securing regulatory approval for their proposed merger. An expedited court hearing is scheduled for December 30, 2024.</p>
 <p>Desktop Metal is demanding that Nano Dimension takes necessary steps in acquiring approval from the Committee on Foreign Investment in the US (CFIUS), including the completion and signing of the proposed mitigation agreement and finalising the merger within five days post CFIUS approval.</p>
 <p>The lawsuit is asking for a court declaration stating that Nano Dimension did not put in reasonable efforts to gain regulatory approval, and seeks to stop Nano Dimension from ending the proposed merger agreement through an injunction. The merger agreement's other regulatory conditions have already been met with CFIUS approval being the last regulatory hurdle needed to conclude the deal.</p>
 </div> <p><b>Analyst QuickTake:<br>
</b> This legal action follows a series of complex acquisition attempts and internal issues involving Nano Dimension and Desktop Metal. In May 2023, <a href="https:<br>
//sp-edge.com/companies/74544"> Stratasys </a> , a 3D printing company partly owned by Nano Dimension (14.5%), announced plans to <a href="https:<br>
//sp-edge.com/updates/18906"> merge with Desktop Metal </a> in an all-stock transaction valued at USD 1.8 billion. However, this merger was <a href="https:<br>
//sp-edge.com/updates/22625"> terminated in September </a> 2023 after Stratasys' shareholders voted against the deal. Meanwhile, Desktop Metal faced its own internal troubles, which led to the <a href="https:<br>
//sp-edge.com/updates/25957"> laying off of 20% of its workforce </a> as part of a USD 50 million cost-cutting strategy (in January) and the company <a href="https:<br>
//sp-edge.com/updates/26716"> filing for a USD 250 million mixed securities shelf offering </a> (in February).</p>

Desktop Metal sues Nano Dimension over merger compliance

<div>
 <p>Nexa3D, a 3D printing company, has revealed plans to scale back its operations after withdrawing from the Formnext 2024 expo in Germany.</p>
 <p>The firm names economic difficulties as the main cause for the operational scale-back, along with a reduction in directly assisting customers. Support will now be handed off to reseller partners as the company reduces direct support capacities.</p>
 
</div> <p><b>Analyst QuickTake:<br>
</b> This news comes as a relative surprise from Nexa3D, which began the year with back-to-back acquisitions. In January, it <a href="https:<br>
//sp-edge.com/updates/25542"> acquired Essentium </a> , an industrial AM provider, to add high-speed extrusion (HSE) to its portfolio. In February, it <a href="https:<br>
//sp-edge.com/updates/27940"> acquired 3D-Fuel </a> , a 3D printing filament manufacturer, to expand its material offerings. Notably, this announcement did not have specific timelines or detailed plans, suggesting that the scale-down was unexpected.</p>

All updates

Xos to deploy BEVs under Penske Truck Leasing’s truck fleet

Moment Energy secures USD 20.3 million in government funding from US Department of Energy

Fluence Energy raises USD 300 million in convertible notes to upgrade battery production

Coralogix acquires AI observability platform Aporia for USD 50 million

Pimax announces compact Dream Air VR headset for USD 1,900

HuLoop raises Series A funding from Mighty Capital

Fiserv to acquire Payfare for undisclosed sum to enhance embedded finance solutions

Fiserv to acquire Payfare for undisclosed sum to enhance embedded finance solutions

Meight raises EUR 3.4 million in funding led by Cusp Capital

Desktop Metal sues Nano Dimension over merger compliance

Nexa3D scales back operations amid financial crisis

EV Economy

Xos to deploy BEVs under Penske Truck Leasing’s truck fleet

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