Anaheim-based Phoenix Motor Inc. (Nasdaq: PEV) has partnered with Ohio-based Pegasus Specialty Vehicles to develop Type A electric school buses in the North American market.
The agreement includes a minimum goal of producing 300 “Phoenix-electrified Pegasus Orion” buses within the next three years.
“Our collaboration with Pegasus is another component of our ‘asset light’ business model, enabling us to bring our Gen 4 vehicles to market in an efficient, cost-effective manner, while exceeding the highest standards of quality,” Chief Executive Lance Zhou said in a statement.
Zhou also projected “a demand for school bus electrification” in the next few years as zero emission buses become more integrated.
Founded in 2009, Phoenix specializes in designing and building medium duty EVs such as transit and utility vehicles. The company added two new executives to its senior management team on Friday.
With a market cap of $43 million, Phoenix shares were down 1.1% to $2.16 during midday trading.
