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Phoenix Motor, CSI snap up Proterra assets

A Proterra electric transit bus. Photo courtesy of Proterra

Phoenix Motor and CSI have agreed to buy the remaining assets of bankrupt electric bus maker Proterra.

Why it matters: It's a sober finale to one of the electric vehicle sector's early pioneers.

Details: Proterra announced that Phoenix Motor, an Anaheim, CA-based EV maker, won the bid for its electric transit bus division.

  • Phoenix agreed to pay $10 million, which includes $3.5 million for the operating company and $6.5 million for the battery lease assets.
  • Proterra said that a group named CSI agreed to buy its charging business, Proterra Energy. A prior press release identified CSI as Cowen Sustainable Advisors LLC, a firm that led a $200 million investment round into the company in 2020.
  • Volvo Group said on Monday it was the winning bidder with $210 million for Proterra's battery business.

Big picture: Proterra's break up into pieces is a humbling end for the almost 20-year company that kicked off and once dominated the electric transit bus business in the U.S.

  • Just two years before the bankruptcy, Proterra went public via a SPAC with ArcLight in a deal that was once valued at $1.6 billion.
  • The market for companies that buy electric trucks and buses is growing globally, pushed by both regulations and net zero goals.

Editor's note: this story was updated with additional edits and details.

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