Heavy-duty electric bus maker Proterra Transit just rose from the ashes because Phoenix Motor (Nasdaq: PEV) officially acquired it from bankrupt Proterra Inc.
Earlier this week, Phoenix Motor received approval from the US bankruptcy court to close the deal and announced its finalization today. This means that Proterra Transit’s heavy-duty electric transit buses will now be added to Phoenix’s product line of medium-duty electric buses.
Denton Peng, CEO of Phoenix, said, “Proterra has a strong position in the full-size, zero-emission transit bus market, just as Phoenix has in the medium-duty market. Having spent countless hours meeting with Proterra Transit team members and learning more about their business, we are more excited than ever about this acquisition opportunity.”
Phoenix Motor says its next step is integrating the Proterra Transit team and assets into its operations. Phoenix has operated two primary brands: Phoenix Motorcars, which is focused on commercial medium-duty EVs such as shuttle buses, school buses, municipal transit vehicles, and delivery trucks, as well as EV chargers and electric forklifts; and light-duty EV line EdisonFuture.
In August 2023, Proterra combined battery and bus production at its South Carolina facility alongside job cuts to cut costs. However, supply chain and funding problems, as well as funding needed to scale, ultimately resulted in Proterra filing for Chapter 11 bankruptcy. In November, Volvo Group won an auction for Proterra’s battery business with a bid of $210 million.
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