Phoenix acquires Altergy’s hydrogen fuel cell assets
The acquisition will speed up the design and development of hydrogen fuel cells for use in Phoenix vehicle and equipment lines.
Phoenix Motor Inc. acquired hydrogen fuel cell manufacturing assets, including an automated, robotic fuel cell assembly line, from Altergy Systems.
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 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.
The acquired manufacturing facility in Folsom, CA, can produce a fuel cell every 30 seconds on its advanced, robotic fuel cell assembly line.
With the ability to produce fuel cells in high volumes, using off-the-shelf materials, stamped and moulded fabrication, and robotic automated assembly equipment, Phoenix Motorcars plans to raise production at the Folsom facility in the quarters ahead.
Dr Lance Zhou, CEO of Phoenix Motorcars, said, “In addition, the Inflation Reduction Act, also known as the US climate bill, which was signed into law this week, should provide tremendous incentives, opportunities and market stability for us to grow this important clean energy power source. 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.”