Phoenix Motor Announces $6 Million Loan Financing Agreement to Support Expansion and Production Growth
Phoenix Motor (NASDAQ:PEV) has secured a $6 million loan financing agreement with J.J. Astor & Co. to support expansion and production growth. The funding will be provided in two tranches: an initial $4 million followed by an additional $2 million upon approval through senior secured convertible promissory notes.
The financing will enable Phoenix Motor to scale production and fulfill pending orders for electric transit buses, strengthening its position in the zero-emission transportation market. The company aims to meet growing demand from transit agencies, municipalities, and corporate fleets.
According to market projections, the commercial electric vehicle sector is expected to grow at a 26.4% CAGR, reaching $55.9 billion by 2029.
Phoenix Motor (NASDAQ:PEV) ha ottenuto un accordo di finanziamento tramite prestito di 6 milioni di dollari con J.J. Astor & Co. per supportare l'espansione e la crescita della produzione. Il finanziamento sarà fornito in due tranche: un primo prestito di 4 milioni di dollari seguito da un ulteriore prestito di 2 milioni di dollari all'approvazione tramite note promissorie convertibili garantite senior.
Il finanziamento permetterà a Phoenix Motor di aumentare la produzione e soddisfare gli ordini in sospeso per autobus elettrici per il trasporto pubblico, rafforzando la sua posizione nel mercato dei trasporti a zero emissioni. L'azienda mira a soddisfare la crescente domanda da parte di agenzie di trasporto, municipi e flotte aziendali.
Secondo le proiezioni di mercato, il settore dei veicoli elettrici commerciali è previsto crescere a un CAGR del 26,4%, raggiungendo 55,9 miliardi di dollari entro il 2029.
Phoenix Motor (NASDAQ:PEV) ha conseguido un acuerdo de financiamiento de préstamo de 6 millones de dólares con J.J. Astor & Co. para apoyar la expansión y el crecimiento de la producción. La financiación se proporcionará en dos tramos: un primer préstamo de 4 millones de dólares seguido de un préstamo adicional de 2 millones de dólares tras la aprobación mediante notas promisorías convertibles aseguradas senior.
El financiamiento permitirá a Phoenix Motor aumentar la producción y cumplir con los pedidos pendientes de autobuses eléctricos de tránsito, fortaleciendo su posición en el mercado de transporte de cero emisiones. La empresa tiene como objetivo satisfacer la creciente demanda de agencias de tránsito, municipios y flotas corporativas.
Según las proyecciones del mercado, se espera que el sector de vehículos eléctricos comerciales crezca a un CAGR del 26,4%, alcanzando 55,9 mil millones de dólares para 2029.
피닉스 모터 (NASDAQ:PEV)는 J.J. Astor & Co.와 600만 달러 대출 금융 계약을 체결하여 확장 및 생산 성장을 지원합니다. 자금은 두 차례에 걸쳐 제공되며: 초기 400만 달러와 추가 200만 달러는 선순위 담보 전환 사채 승인을 통해 이루어집니다.
이 자금 조달은 피닉스 모터가 생산을 확대하고 전기 대중교통 버스에 대한 미결 주문을 이행할 수 있도록 하여, 제로 배출 운송 시장에서의 입지를 강화합니다. 회사는 대중교통 기관, 지방자치단체 및 기업 차량의 증가하는 수요를 충족하는 것을 목표로 하고 있습니다.
시장 전망에 따르면 상업용 전기차 부문은 26.4%의 연평균 성장률(CAGR)로 성장할 것으로 예상되며, 2029년까지 559억 달러에 이를 것으로 보입니다.
Phoenix Motor (NASDAQ:PEV) a obtenu un accord de financement par prêt de 6 millions de dollars avec J.J. Astor & Co. pour soutenir son expansion et sa croissance de production. Le financement sera fourni en deux tranches : une première tranche de 4 millions de dollars suivie d'une tranche supplémentaire de 2 millions de dollars après approbation par des billets à ordre convertibles garantis senior.
Ce financement permettra à Phoenix Motor d'augmenter sa production et de satisfaire les commandes en attente de bus électriques de transport en commun, renforçant ainsi sa position sur le marché des transports à zéro émission. L'entreprise vise à répondre à la demande croissante des agences de transport, des municipalités et des flottes d'entreprises.
Selon les projections du marché, le secteur des véhicules électriques commerciaux devrait croître à un TCAC de 26,4%, atteignant 55,9 milliards de dollars d'ici 2029.
Phoenix Motor (NASDAQ:PEV) hat eine 6 Millionen Dollar Kreditfinanzierungsvereinbarung mit J.J. Astor & Co. gesichert, um die Expansion und das Produktionswachstum zu unterstützen. Die Finanzierung wird in zwei Tranchen bereitgestellt: eine erste Tranche von 4 Millionen Dollar, gefolgt von einer zusätzlichen Tranche von 2 Millionen Dollar nach Genehmigung durch senior gesicherte wandelbare Schuldscheine.
Die Finanzierung ermöglicht es Phoenix Motor, die Produktion zu skalieren und ausstehende Bestellungen für elektrische Nahverkehrsbusse zu erfüllen, wodurch die Position im Markt für emissionsfreien Transport gestärkt wird. Das Unternehmen zielt darauf ab, die wachsende Nachfrage von Verkehrsbehörden, Kommunen und Unternehmensflotten zu decken.
Marktprognosen zufolge wird erwartet, dass der Markt für kommerzielle Elektrofahrzeuge mit einer CAGR von 26,4% wächst und bis 2029 55,9 Milliarden Dollar erreichen wird.
- Secured $6 million in new financing to support production expansion
- Has pending orders for electric transit buses awaiting fulfillment
- Operating in a high-growth market with 26.4% projected CAGR
- Taking on additional debt through convertible notes
- Second tranche of $2 million subject to approval conditions
- Potential shareholder dilution due to convertible nature of the notes
ANAHEIM, CA / ACCESS Newswire / March 19, 2025 / Phoenix Motor Inc. (NASDAQ:PEV), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced it has secured a
"We are pleased to secure this strategic financing which will enable us to ramp up production and fulfill key transit bus orders," said Denton Peng, CEO of Phoenix Motor. "As the demand for electric commercial vehicles continues to grow, this investment strengthens our position in the market and supports our mission to accelerate the transition to sustainable transportation. We appreciate the confidence J.J. Astor & Co. has shown in our business and look forward to executing on our growth plans."
Under the agreement, J.J. Astor & Co. will provide up to
The commercial electric vehicle market is projected to grow at a
About Phoenix Motor Inc.
Phoenix Motor, a pioneer in the electric vehicle ("EV") industry, designs, builds, and integrates electric drive systems and manufactures heavy duty transit buses and medium and light duty commercial EVs. Phoenix operates two primary brands, "Phoenix", which is focused on commercial products including heavy and medium duty EVs (transit buses, shuttle buses, school buses and delivery trucks, among others) 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. To learn more, please visit: phoenixev.ai.
About J.J. Astor & Co.
J.J. Astor & Co. is a lending platform providing short-term bridge lending to growth-oriented companies in the lower middle market. Loan facilities range from
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 risk factors include, among others, those related to our ability to raise additional capital necessary to grow our business, operations and business and financial performance, our ability to grow demand for our products and revenue, our ability to become profitable, our ability to have access to an adequate supply of parts and materials and other critical components for our vehicles on the timeline we expect, 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.
Contact: IR@phoenixev.ai
Dave Gentry, CEO RedChip Companies, Inc. 1-407-644-4256 PEV@redchip.com
SOURCE: Phoenix Motor Inc.
View the original press release on ACCESS Newswire
FAQ
What is the size and structure of Phoenix Motor's (PEV) new financing agreement?
How will Phoenix Motor (PEV) use the $6 million loan financing?
What is the projected growth rate for the commercial electric vehicle market according to PEV's announcement?
Who is providing the loan financing to Phoenix Motor (PEV)?
