Canoo makes battery pack for military use

Electric vehicle maker Canoo Inc. said the United States Department of Defense has expanded a project to develop a high-powered battery pack for use with military vehicles.

The company said in a statement it has delivered to the Department of Defense partners a battery pack that can be scaled for use by the military and will set the stage for standardization of energy dense lithium batteries for the U.S. Navy.

In February, Canoo said it won a contract to supply battery modules for demonstration and analysis to the United States Department of Defense. Canoo's battery system is modular, is designed to be flexible and is compatible with cells from other battery providers, the company said in a news release.

In early December, Canoo said it delivered a Light Tactical Vehicle to the U.S. Army for analysis, after being awarded a contract to present earlier in 2022. The vehicle can be used as a flatbed truck or as a cargo vehicle.

Canoo posted a $90.1 million loss in the first quarter for 2023 and plans to build 20,000 cars by the end of the year. The company has yet to make a profit.

In late March, Canoo received notice from the Securities and Exchange Commission that the company no longer complies with Nasdaq's $1 minimum bid requirements to be listed in the index. It has 180 days, or until Sept. 25, to regain compliance, according to an SEC filing.

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