Phoenix Motor completes purchase of Proterra’s battery lease portfolio

Phoenix Motor completed the acquisition of the Battery Lease portfolio for $6.5 million from Proterra Inc. and Proterra Operating Company. In January 2024, Phoenix received the requisite approval from the U.S. bankruptcy court. This transformative acquisition added heavy-duty transit buses to Phoenix’s legacy product line of medium-duty shuttle and school buses. The completion of the last component of the purchase, the battery lease portfolio, should provide Phoenix greater financial flexibility and enable it to continue to service its customers who had leased batteries from Proterra as part of their transit bus purchase.