• Vehicle-To-Grid Capability across Medium-Duty EV Buses & Trucks

ANAHEIM, CA / ACCESSWIRE / October 17, 2023 / Phoenix Motor Inc. (NASDAQ:PEV) ("Company" or "Phoenix"), a leading electrification solutions provider for medium-duty vehicles, and Fermata Energy LLC, a leading software provider of Vehicle-to-Everything (V2X) bidirectional charging platforms, today announced the successful integration of Vehicle-to-Grid (V2G) capabilities for all medium-duty electric vehicles manufactured by Phoenix Motorcars.

All Phoenix electric school buses, shuttle buses and trucks, from the first-generation vehicles delivered in 2015, to the current generation vehicles can be equipped with V2G capability, enabling fleets to send excess energy back to the grid via Fermata Energy's FE-20 bidirectional chargers. This connection enables DC charging and discharging at the rate of 20kW over the CHAdeMO connection.

Older generation vehicles can be enabled with V2G capability via a software update available from the OEM. Phoenix is the first commercial vehicle manufacturer to enable V2G across all vehicles produced. The Company will also equip its next generation vehicles with faster 60kW V2G capability, using the CCS charging protocol in partnership with Fermata Energy.

Phoenix and Fermata Energy also announced the signing of a commercial partnership agreement to enable the seamless deployment of V2G capable vehicles, chargers and managed V2G services.

V2G capability is crucial to the wider adoption of electric commercial vehicles, as it enables fleets to have a more symbiotic relationship with power grids, particularly during high-demand scenarios.

"At Phoenix, our goal is to enable fleets to derive the most benefit from their electrification efforts. The partnership with Fermata Energy brings V2G capabilities to our vehicles and is a critical piece in achieving this goal," said Denton Peng, CEO of Phoenix. "We are also very proud to enable this feature for all of our past production vehicles, a first in the industry."

"We are pleased to continue our partnership with Phoenix through this successful integration," said Tony Posawatz, CEO of Fermata Energy. "With this integration, Fermata Energy's V2X bidirectional charging software platform unlocks the value of stationary commercial EV batteries, moving beyond consumer vehicle applications and enabling fleet owners and operators to earn revenue while parked, protect battery health and ultimately support energy grid resilience."

Earlier this year, Phoenix Motorcars and Fermata Energy formed a long-term commercial partnership for V2X bidirectional charging platforms.

About Phoenix Motor Inc.

Phoenix Motor Inc., a pioneer in the electric vehicle ("EV") industry, designs, builds, and integrates electric drive systems and light and medium-duty EVs and sells electric forklifts and electric vehicle chargers for the commercial and residential markets. Phoenix operates two primary brands, "Phoenix Motorcars," which is focused on commercial products including medium-duty EVs (shuttle buses, school buses, municipal transit vehicles and delivery trucks, among others), electric vehicle chargers and electric forklifts, 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. For more information, please visit: www.phoenixmotorcars.com.

About Fermata Energy

Park it. Plug it. Profit. ™ Fermata Energy is a leading software platform services provider of AI-driven Vehicle-to-Everything (V2X) bidirectional charging technology, including Vehicle-to-Grid (V2G), Vehicle-to-Home (V2H) and Vehicle-to-Building (V2B) solutions. The company was founded in 2010 by visionary David Slutzky to accelerate the adoption of electric vehicles and the transition to renewable energy. Fermata Energy's proprietary technology enables its customers to manage EVs as distributed energy resources by selling excess energy stored in EV batteries to offset costly peak demand charges. To learn more about Fermata Energy, please visit https://fermataenergy.com/ and follow the company on LinkedIn.

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 factors include, among others, 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.

Phoenix Motor Inc. Investor Relations
Mark Hastings, Senior Vice President of Corporate Development & Strategy/Head of Investor Relations
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Fermata Energy Media Contact
Daniel Cherrin, +1 313 300 0932
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