Phoenix Motor, CSI Win Bids to Acquire Proterra Transit, Energy Lines
Both acquisitions are subject to the bankruptcy court’s approval, as well as regulatory approvals and closing conditions.
The Proterra acquisition will add heavy-duty transit buses to Phoenix Motor's existing product line of medium-duty shuttle and school buses.
Photo: Proterra
Proterra Inc. successfully concluded the “Track A” auction of its Chapter 11 sales process, with Phoenix Motor Inc. selected as the winning bidder to acquire the Proterra Transit business line and CSI GP I LLC, CSI Prodigy Holdco LP, CSI Prodigy CoInvestment LP, and CSI PRTA Co-Investment LP selected as the winning bidder to acquire the Proterra Energy business line, which includes the company’s Valence fleet and energy management product offering, through a chapter 11 plan of reorganization.
Both acquisitions are subject to the bankruptcy court’s approval, as well as regulatory approvals and closing conditions.
The acquisition will add heavy-duty transit buses to Phoenix's existing product line of medium-duty shuttle and school buses.
"Phoenix is delighted with the opportunity to acquire the Proterra Transit business. Proterra has built a strong market share in the full-size, zero-emission transit bus market, just as Phoenix has done in the medium-duty market. We are excited about the attractive business synergy and growth opportunities as we add a full suite of transit bus offerings to our fleet customers across North America," said Denton Peng, CEO of Phoenix Motorcars. "In addition, Phoenix has been gaining positive momentum in the electric school bus market, and we see considerable growth opportunities as we add full-size buses to our existing lineup of Type-A school buses to help school districts shift to zero-emission buses and begin improving the air quality for their students and communities utilizing our American made school buses."
Proterra previously successfully concluded the “Track B” auction of its Chapter 11 sales process with Volvo Battery Solutions LLC as the winning bidder to acquire its Proterra Powered business line.
Next Steps
Phoenix and Proterra have entered into an Asset Purchase Agreement, dated as of Nov. 13. Under the agreement, the total cash consideration to be paid by Phoenix for the Proterra Transit business assets will be $10 million, consisting of $3.5 million for the Proterra Transit operating company and $6.5 million for the Proterra battery lease assets.
In addition, Phoenix will pay certain cure payments and assume other liabilities, primarily warranties.
The companies will seek U.S. Bankruptcy Court approval for the sale later this month, and, if approved, plan to close as soon as is practical.
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