Phoenix Motor Acquires Hydrogen Cell Assets From Altergy Systems - Phoenix Motor (NASDAQ:PEV)

Phoenix Motor Inc PEV has acquired hydrogen fuel cell manufacturing assets from Altergy Systems. The details of the transaction were not disclosed.
The assets acquired also include an automated, robotic fuel cell assembly line.
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.
The facility, located in Folsom, California, has the capability to produce a fuel cell every 30 seconds on its advanced, robotic fuel cell assembly line.
"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," said CEO Lance Zhou.
Phoenix held $7.8 million in cash and equivalents as of June 30, 2022.
Price Action: PEV shares are trading lower by 5.99% at $3.14 on the last check Monday.