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Electric vehicle spin-off Phoenix Motor files for a $150 million IPO

November 29, 2021

Phoenix Motor, an electric drive system and vehicle maker being spun out of SPI Energy, filed on Monday with the SEC to raise up to $150 million in an initial public offering.

Operating under the Phoenix Motorcars name, the company designs, assembles, and integrates electric drive systems and electric vehicles (EVs), and markets and sells EV chargers for the commercial and residential markets. The company converts light- and medium-duty commercial vehicles into EVs for various service and government fleet markets, and serves a broad spectrum of commercial fleet customers. The company delivered its first commercial EV in 2014 and as of September 30, 2021, it has delivered a total of 98 EVs, consisting of 84 shuttle buses and 14 work and delivery trucks. It recently began production of its third-generation drivetrain, which includes the largest battery pack and longest electric range for any Class 4 product on the market, offering up to 160 miles in range. Additionally, the company has partnered with Icona Design to develop a solar cell-integrated electric pickup truck and delivery van, branded the EdisonFuture EF1-T and EdisonFuture EF1-V, respectively, and aims to begin deliveries in 2025.

The Anaheim, CA-based company was founded in 2020 and booked $2 million in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol PEV. Phoenix Motor filed confidentially on August 24, 2021. Maxim Group LLC, Roth Capital, and EF Hutton are the joint bookrunners on the deal. No pricing terms were disclosed.