Phoenix Motor to purchase transit bus assets from Proterra
By Bradley Osborne - 6th December 2023
The 40-foot ZX5 by Proterra
USA – Phoenix Motor Inc, a retrofit firm based in Anaheim, California, has announced a successful bid for the transit bus assets of Proterra Inc of Burlingame, California, which filed for Chapter 11 bankruptcy protection in August.
According to the terms of the asset purchase agreement between the two companies, Phoenix Motor will acquire the ‘Proterra Transit’ business assets for a sum of USD10m, of which USD3.5m will pay for the Proterra Transit operating company. The remaining USD6.5m will go towards Proterra battery lease assets. In addition, Phoenix will pay certain cure payments and assume other liabilities.
