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Acquisition Will Add Full-size Transit Buses to the Company's Existing Medium-duty Offering
ANAHEIM, CA / ACCESSWIRE / November 14, 2023 / Phoenix Motor Inc. (NASDAQ:PEV) ("Company" or "Phoenix"), a leading electrification solutions provider for medium-duty vehicles, today announced that it was the successful bidder to acquire the Proterra Transit business line ("Proterra Transit") from Proterra Inc. ("Proterra"), a leading innovator in commercial vehicle electrification technology, through the auction of the assets pursuant to bankruptcy court approved bidding procedures. This transformative acquisition will add heavy-duty transit buses to Phoenix's existing product line of medium-duty shuttle and school buses.
"Phoenix is delighted with the opportunity to acquire the Proterra Transit business. Proterra has built a strong market share in the full-size, zero-emission transit bus market, just as Phoenix has done in the medium-duty market. We are excited about the attractive business synergy and growth opportunities as we add a full suite of transit bus offerings to our fleet customers across North America," said Denton Peng, CEO of Phoenix Motorcars. "In addition, Phoenix has been gaining positive momentum in the electric school bus market, and we see considerable growth opportunities as we add full-size buses to our existing lineup of Type-A school buses to help school districts shift to zero-emission buses and begin improving the air quality for their students and communities utilizing our American made school buses."
The Company and Proterra have entered into an Asset Purchase Agreement, dated as of November 13, 2023 (the "Purchase Agreement"). Under the Purchase Agreement, the total cash consideration to be paid by Phoenix for the Proterra Transit business assets will be $10 million, consisting of $3.5 million for the Proterra Transit operating company and $6.5 million for the Proterra battery lease assets. In addition, Phoenix will pay certain cure payments and assume other liabilities, primarily warranties.
The companies will seek U.S. Bankruptcy Court approval for the sale on November 28, 2023, and, if approved, plan to close as soon as is reasonably practical thereafter.
Phoenix will release its third quarter 2023 earnings after the market close today. The company will host a webcast for investors at 5:00 pm EST today. The webcast can be accessed by clicking the following link: Webcast. The call can also be accessed live via telephone by dialing (888) 660-6373 or for international callers (929) 203-1975 and referencing Phoenix Motorcars.
Posted In: PEV
