Proterra’s filing for Chapter 11 bankruptcy protection took the EV industry by surprise, but the blow was softened by the company’s plan to sell off its business units: Proterra Powered (powertrain and battery technology); Proterra Transit (electric buses); and Proterra Energy (charging infrastructure). In November, the Volvo Group was selected as the winning bidder for Proterra Powered.
Now the next step in the process of recycling Proterra’s assets has taken place—Phoenix Motor has completed the acquisition of the Proterra Transit business line, having received the requisite approval from the US bankruptcy court. This acquisition will add heavy-duty transit buses to Phoenix’s existing product line of medium-duty shuttle and school buses.
“Proterra has a strong position in the full-size, zero-emission transit bus market, just as Phoenix has in the medium-duty market,” said Denton Peng, CEO of Phoenix. “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. We have already identified attractive growth opportunities as we add transit buses to our product offering and we look forward to servicing Proterra Transit’s existing customers and developing long-term relationships with them.”
Source: Phoenix Motorcars