(Reuters) – Atlis Motor Autos has turn into the newest startup within the electric-vehicle house to unveil plans for an preliminary public providing as the worldwide push in the direction of electrification accelerates.

The Mesa, Arizona-based firm is creating an electrical truck that it says can match the towing and payload capabilities of diesel-powered autos and will probably be optimum to be used within the agriculture, utility and building industries.

The corporate intends to listing on the Nasdaq this summer time beneath the ticker image “AMV” and can use the IPO proceeds to scale up operations, it mentioned on Wednesday. Atlis declined to reveal how a lot it anticipated to boost via its providing.

Whereas there’s robust investor curiosity within the EV sector as a result of success of Tesla (NASDAQ:) Inc and issues over local weather change, Atlis’ itemizing plans come at a time when a world market rout has stalled IPO exercise in the USA.

Jitters over the Ukraine battle and aggressive coverage tightening by the Federal Reserve have in latest months pressured a number of corporations akin to file-sharing agency WeTransfer and bitcoin miner Rhodium Enterprise to shelve their itemizing plans.

Nevertheless, some heavyweights from the software program, expertise and automotive sectors – together with social media agency Reddit Inc, enterprise software program firm ServiceTitan and Intel Corp (NASDAQ:)’s self-driving automotive unit Mobileye (F:) – are slated to go public within the coming months.