ANAHEIM, CA - Phoenix Motor Inc. (NASDAQ:PEV), a company specializing in electric vehicle solutions for medium-duty commercial vehicles, has finalized its purchase of Proterra Inc.'s battery lease portfolio for $6.5 million. This acquisition, which was approved by the U.S. bankruptcy court in January 2024, marks a significant expansion for Phoenix, adding heavy-duty transit buses to its existing range of medium-duty shuttle and school buses.
Phoenix's CEO, Denton Peng, expressed satisfaction with the completion of the Proterra Transit business acquisition, stating, "We are now a leading provider of commercial zero-emission vehicles, ranging from medium-duty shuttle and school buses to full-sized transit buses." Peng also emphasized the company's commitment to identifying future opportunities and serving the growing customer base.
The acquisition not only broadens Phoenix's product offerings but also provides the company with increased financial flexibility. By taking over the battery lease portfolio, Phoenix can continue servicing customers who had previously leased batteries from Proterra for their transit bus operations.
Phoenix Motor Inc. has established itself in the electric vehicle industry, producing electric drive systems and a variety of electric vehicles, including forklifts and vehicle chargers. The company operates under two primary brands: "Phoenix," which focuses on commercial vehicles, and "EdisonFuture," which plans to offer light-duty electric vehicles.
The integration of Proterra's Transit team and assets is expected to contribute to Phoenix's long-term strategy of creating value for all stakeholders. Phoenix anticipates providing updates on the integration's progress and the company's continued growth.
The information in this article is based on a press release.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.