Phoenix Motor, CSI snap up Proterra assets
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.