Phoenix Motor acquires H2 fuel cell manufacturing assets of Altergy Systems
California-based EV company Phoenix Motor Inc. has announced the acquisition of hydrogen fuel cell manufacturing assets of Altergy Systems. This includes the latter's automated, robotic fuel cell assembly line as well.
Phoenix is set to utilize the manufacturing facility to design and manufacture fuel cell systems to power forklifts, hybrid buses, light- and heavy-duty commercial vehicles. The acquired facility, located in Folsom, California, has the capability to produce a fuel cell every 30 seconds.
With high volumes production capabilities on the cards, using off-the-shelf materials, stamped and molded fabrication, and robotic automated assembly equipment, Phoenix Motorcars plans to raise production at the Folsom facility in the coming quarters.
Dr. Lance Zhou, CEO of Pheonix Motor, commented on the development, "We are excited to further expand our operations with our entrance into the rapidly growing hydrogen fuel cell market. 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".
In addition, the U.S. climate bill signed earlier this week should provide tremendous incentives, opportunities and market stability for us to grow this important clean energy power source, he opined. "We are currently integrating the acquired assets and facility into our company and look forward to providing regular updates as we achieve important milestones in the hydrogen fuel cell business".
Altergy is one of the early pioneers in the US to come up with reliable and cost-effective hydrogen fuel cell systems. With the acquisition, Phoenix is expected to expand its product line that already includes light and medium duty EVs and EV chargers for residential and commercial use.
Phoenix operates two brands, namely, 'Phoenix Motorcars' focused on commercial products including medium duty EVs, chargers and electric forklifts, and 'EdisonFuture' which intends to offer light-duty EVs.
