Phoenix Motor is now the official proprietor of bankrupt Proterra Transit

Heavy-duty electrical bus maker Proterra Transit simply rose from the ashes as a result of Phoenix Motor (Nasdaq: PEV) formally acquired it from bankrupt Proterra Inc.

Earlier this week, Phoenix Motor acquired approval from the US chapter court docket to shut the deal and introduced its finalization in the present day. Which means that Proterra Transit’s heavy-duty electrical transit buses will now be added to Phoenix’s product line of medium-duty electrical buses.

Denton Peng, CEO of Phoenix, stated, “Proterra has a robust place within the full-size, zero-emission transit bus market, simply as Phoenix has within the medium-duty market. Having spent numerous hours assembly with Proterra Transit crew members and studying extra about their enterprise, we’re extra excited than ever about this acquisition alternative.”

Phoenix Motor says its subsequent step is integrating the Proterra Transit crew and belongings into its operations. Phoenix has operated two major manufacturers: Phoenix Motorcars, which is concentrated on industrial medium-duty EVs akin to shuttle buses, faculty buses, municipal transit automobiles, and supply vans, in addition to EV chargers and electrical forklifts; and light-duty EV line EdisonFuture. 

In August 2023, Proterra mixed battery and bus manufacturing at its South Carolina facility alongside job cuts to chop prices. Nevertheless, provide chain and funding issues, in addition to funding wanted to scale, in the end resulted in Proterra submitting for Chapter 11 chapter. In November, Volvo Group gained an public sale for Proterra’s battery enterprise with a bid of $210 million.

Photograph: Proterra

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