Phoenix Motor Inc. (Nasdaq: PEV) said it acquired manufacturing assets from Folsom-based hydrogen fuel cell technology company Altergy Systems.
Financial terms of the deal were not immediately disclosed.
The Anaheim EV maker plans to use the assets, which include an automated assembly line that can produce a fuel cell every 30 seconds, for its forklifts, hybrid buses, vans and trucks, company officials said.
“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,” Phoenix Motor CEO Dr. Lance Zhou said in a statement. “We are currently integrating the acquired assets and facility into our company.”
Shares in Phoenix Motor were trading around $3.08 apiece and a $61 million market cap following the announcement. The company went public this June at $7.50 a share.
