Published by Todd Bush on August 22, 2022
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.
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.
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue π° OnStream Receives $26 Million in Federal Funding for Louisiana Offshore Carbon Storage Hub Development and Announces Joint Venture Partnership with Major Midstream Company π Ex...
Inside This Issue π EDF Group and Abraxas Power Corp. Announce Strategic Partnership for the Exploits Valley Renewable Energy Corporation Green Hydrogen and Ammonia Project in Newfoundland π§ Hydro...
Inside This Issue π Technip Energies and Shell Catalysts & Technologies Join Forces to Advance Carbon Capture Solutions β‘ FuelCell Energy Announces Global Restructuring, Focusing Core Technolo...
Sara Nawaz and the Institute for Responsible Carbon Removal are paving the way in a crucial sector: addressing climate change through sustainable and equitable carbon removal practices. With growi...
'Project Concho' Combines Proven DAC Technology, New Local Wind Power And Texas' Carbon Storage Capacity SAN ANGELO, Texas, Nov. 21, 2024 /PRNewswire/-- Carbon capture and removal project develope...
Clean Hydrogen Works Awards McDermott FEED Contract for Ascension Clean Energy (ACE) Project
THE WOODLANDS, Texas, & HOUSTON-- Clean Hydrogen Works (CHW) and McDermott announce that CHW has awarded McDermott the front-end engineering and design (FEED) contract for the Ascension Clean E...
xStorage battery energy storage system helps maximize onsite renewables, reduce energy costs and decarbonize power systems Eatonβs national network of engineers, digital monitoring and managem...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.