Phoenix's EdisonFuture Launches Renewable Solutions for Green Hydrogen Production & Appoints Head of R&D

Addition of PEM electrolyzer and fuel cell product lines advances the shift towards sustainable energy, facilitating transition to carbon-neutral society

Anaheim, California (October 9, 2023) - Phoenix Motor Inc. PEV ("Company" or "Phoenix"), a leading electrification solutions provider for medium-duty vehicles, today announced that its EdisonFuture subsidiary has launched new Proton Exchange Membrane (PEM) solutions for green hydrogen products and production. The product launch supports the Company's ongoing commitment to advancing renewable energy and the transition to a carbon-neutral society. Meanwhile, Dr. Bo Yang was appointed Head of Research & Development for the hydrogen business and will lead the R&D team committed to delivering more efficient renewable energy solutions and products.

The Company's PEM electrolyzers provide hydrogen production capabilities spanning from 60 to 250 Nm3/h, boasting a purity level of 99.999%. We believe these robust and long-lasting products are also equipped with exceptional stability and reliability. They are expected to seamlessly integrate with renewable energy sources, delivering clean hydrogen to customers, while significantly reducing their carbon footprint. The 110KW and 200KW PEM fuel cell products are expected to be a fit for Phoenix's future heavy-duty, high-power application scenarios. We believe the long life, high efficiency fuel cell generators will help customers gain access to green hydrogen with an environmental footprint significantly lower than fossil-based fuels.

"We are pleased to launch our new electrolyzer solutions and extend the reach of clean, renewable energy. Hydrogen is a key component in the transition to a carbon-free society, and we believe these technologies will make an important contribution to this effort," said Denton Peng, Chairman and CEO of Phoenix Motorcars. "We are currently in the site selection process for a U.S. manufacturing facility for our new line of electrolysis products and look forward to continuing our commitment to creating a more sustainable future. The introduction of our new line of U.S.-made electrolysis solutions strategically positions us to capitalize on the expanding hydrogen market. We look forward to providing updates in the coming months on this exciting addition to our diverse and expansive range of renewable energy solutions."

Dr. Bo Yang brings two decades of experience in researching, developing and promoting clean energy technologies and products. His expertise includes a deep understanding of the practical applications of these technologies. Dr. Yang's most recent role was Vice President of Fuel Cell Business at Phoenix Motorcars, where he spearheaded the company's hydrogen initiatives, including research and development of fuel cell and electrolyzer technologies and products. Prior to joining Phoenix Motorcars, Dr. Yang held the position of Air Resources Engineer at the California Air Resources Board. In this capacity, he actively contributed to various projects focused on the regulation and deployment of zero-emission technologies.

Previously, Dr. Yang was a Senior Product and Process Engineer at Altergy Systems, where he served as a member of the Research and Development team. In this position, he played a crucial role in the development of fuel cell stacks and integrated systems tailored for backup power applications. In the early stages of his career, Dr. Yang served as a Research Scientist/Director at Hoku Scientific, where he led efforts in developing key components and unitized membrane electrode assembly products for diverse fuel cell applications. Dr. Yang earned his Ph.D. in Materials Science and Engineering from the University of Texas at Austin.

"We are excited to appoint Dr. Yang to lead our R&D team," said Mr. Peng continued. "His wealth of experience should prove invaluable as we seek to improve our renewable energy solutions for green hydrogen production and introduce new products to the market."

About Phoenix Motor Inc.

Phoenix Motor Inc., a pioneer in the electric vehicle ("EV") industry, designs, builds, and integrates electric drive systems and light and medium duty EVs and sells electric forklifts and electric vehicle chargers for the commercial and residential markets. Phoenix operates two primary brands, "Phoenix Motorcars", which is focused on commercial products including medium duty EVs (shuttle buses, school buses, municipal transit vehicles and delivery trucks, among others), electric vehicle chargers and electric forklifts, and "EdisonFuture", which intends to offer light-duty EVs. Phoenix endeavors to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. For more information, please visit: www.phoenixmotorcars.com.

Forward-Looking Statements

This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as "may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. These factors include, among others, the successful product launch of the Company's new Proton Exchange Membrane (PEM) solutions for green hydrogen products and production, the coronavirus (COVID-19) and the effects of the outbreak and actions taken in connection therewith, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the "Risk Factors" section of the Company's annual report filed on Form 10-K filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.

Investor Relations

Mark Hastings, Senior Vice President of Corporate Development & Strategy/Head of Investor Relations

marketing@phoenixmotorcars.com