Phoenix Motor Inc. has completed the acquisition of the Proterra Transit business line from Proterra Inc. and Proterra Operating Company, Inc. The U.S. Bankruptcy Court approved the sale following a November hearing.
Phoenix Motor calls the acquisition transformative as it will add heavy-duty transit buses to the company’s existing product line of medium-duty shuttle buses.
"Phoenix is very pleased to have completed its acquisition of the Proterra Transit business and thanks all parties for their tireless efforts over the past several months to make this possible. 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," said Denton Peng, CEO of Phoenix Motor. "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."
The consummation of the transaction remains subject to certain closing conditions.
