Phoenix Motor, Inc. has been selected as the winning bidder to acquire the Proterra Transit business line while CSI GP I LLC, CSI Prodigy Holdco LP, CSI Prodigy CoInvestment LP and CSI PRTA Co-Investment LP has been selected as the winning bidder to acquire the Proterra Energy business line, which includes Proterra’s Valence fleet and energy management product offering.
Both acquisitions are subject to the bankruptcy court’s approval, as well as regulatory approvals and closing conditions.
The acquisition of the Proterra Transit business line by Phoenix Motor is expected to add full-size transit buses to Phoenix Motor’s existing medium-duty offering.
"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."
Proterra filed for Chapter 11 bankruptcy on Aug. 7 in the District of Delaware. The company noted the move was an “effort to strengthen its financial position through a recapitalization or going-concern sale.”
Volvo recently became the winning bidder to acquire Proterra’s Powered business line. Proterra will seek the bankruptcy court’s approval of all acquisitions Nov. 28.
