Phoenix Motor Inc., an electrification solutions provider for medium-duty vehicles, has completed the $6.5 million acquisition of the Battery Lease portfolio from Proterra Inc. and Proterra Operating Company Inc., an innovator in commercial vehicle electrification technology.
In January 2024, Phoenix received the requisite approval from the U.S. bankruptcy court. This transformative acquisition added heavy-duty transit buses to Phoenix’s legacy product line of medium-duty shuttle and school buses. The completion of the last component of the purchase, the battery lease portfolio, should provide Phoenix greater financial flexibility and enable it to continue to service its customers who had leased batteries from Proterra as part of their transit bus purchase.
“Phoenix is very pleased to have completed the last piece of the Proterra Transit business acquisition,” says Denton Peng, CEO of Phoenix. “We are now a leading provider of commercial zero-emission vehicles, ranging from medium-duty shuttle and school buses to full-sized transit buses. We continue to be impressed by the quality and dedication of our new Transit team members and remain excited about this acquisition. We intend to continue to identify attractive opportunities, and we look forward to serving our new customers and growing with them in the future.”
