Phoenix Enters Hydrogen Fuel Cell Market with Acquisition of Altergy Assets

August 22, 2022 09:00 AM Eastern Daylight Time

ANAHEIM, Calif.--(BUSINESS WIRE)--Phoenix Motor Inc. (Nasdaq: PEV) ("Company" or "Phoenix"), a leader in manufacturing of all-electric, medium-duty vehicles, announced the acquisition of hydrogen fuel cell manufacturing assets, including an automated, robotic fuel cell assembly line, from Altergy Systems. Phoenix will utilize the manufacturing facility to design and produce hydrogen fuel cells to power forklifts, hybrid buses, vans and trucks, and long-range, heavy-duty trucks.

>> In Other News: Gyeonggi Province Completes Korea's Largest Hydrogen Production Complex in Pyeongtaek City, Capable of Supplying Fuel for 410,000 Hydrogen Vehicles Annually

Phoenix Motorcars CEO, Dr. Lance Zhou commented, "We are excited to further expand our operations with our entrance into the rapidly growing hydrogen fuel cell market. The acquisition of these manufacturing assets enables Phoenix to accelerate its development plans, and leverage the automated production capabilities of these facilities, as we transition to mass production of hydrogen fuel cells for the burgeoning EV market in the coming quarters. In addition, the Inflation Reduction Act, also known as the U.S. climate bill, which was signed into law this week, should provide tremendous incentives, opportunities and market stability for us to grow this important clean energy power source. We are currently integrating the acquired assets and facility into our company and look forward to providing regular updates as we achieve important milestones in the hydrogen fuel cell business."

The acquired manufacturing facility, located in Folsom, CA, has the capability to produce a fuel cell every 30 seconds on its advanced, robotic fuel cell assembly line. With the ability to produce fuel cells in high volumes, using off-the-shelf materials, stamped and molded fabrication, and robotic automated assembly equipment, Phoenix Motorcars plans to raise production at the Folsom facility in the quarters ahead.

About Phoenix Motor Inc.

Phoenix Motor Inc., a pioneer in the electric vehicles ("EVs") industry, through its wholly owned subsidiaries, designs, assembles, and integrates electric drive systems and light and medium duty EVs and markets and sells electric vehicle chargers for the commercial and residential markets. Phoenix operates two primary brands, "Phoenix Motorcars" focused on commercial products including medium duty EVs, chargers and electric forklifts, and "EdisonFuture" which intends to offer light-duty EVs. As an EV pioneer, the Company delivered its first commercial EV in 2014 and deployed the very first zero emission airport shuttle bus at the Los Angeles International Airport ("LAX"); the LAX fleet has grown to 39 electric shuttle buses, one of the largest of its kind. Los Angeles Air Force Base in El Segundo and NASA's Jet Propulsion Laboratory in Pasadena, California are among customers for the Company's first-generation E Series Zeus EVs. Phoenix intends to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. For more information, please visit: www.phoenixmotorcars.com and www.edisonfuture.com.