• Enables Florida school districts to purchase zero-emission battery electric Type-A buses more efficiently

ANAHEIM, CA / ACCESSWIRE / November 22, 2023 / Phoenix Motor Inc. (NASDAQ:PEV) ("Company" or "Phoenix"), a leading electrification solutions provider for medium-duty vehicles, today announced an awarded contract by the Florida Sheriffs Association's Cooperative Purchasing Program, enabling schools to procure and purchase Phoenix's all-electric Type A school buses.

This Cooperative Purchasing Contract is expected to give any public school in Florida the ability to purchase zero-emission school buses more efficiently at a competitive price, without having to go through a bid process. Other contracting agencies outside of Florida are also able to use this contract, which will be valid for one year with an option to extend it to two.

"Phoenix is making great strides in the electric school bus industry," said Denton Peng, CEO of Phoenix. "We are excited about the opportunity to provide clean transportation and to have a positive impact on the air quality in communities in which our vehicles operate. This contract award, coupled with the availability of numerous incentive programs, should provide a clear path for schools to procure zero-emission electric school buses for their communities."

Phoenix's Type-A electric school buses are offered with either a 90kWh or 141kWh battery pack and can be purchased with or without an ADA-compliant wheelchair lift.

One available funding source which is currently available across the U.S. is the EPA's Clean School Bus Rebate Program which offers between $145,000 and $265,000 per Type-A School Bus. Each Phoenix school bus is also eligible for a federal tax credit.

"The Florida Sheriffs Association (FSA) Cooperative Purchasing Program is excited to welcome Phoenix Motorcars to our heavy trucks & buses contract," said FSA Executive Director Steve Casey. "The new FSA contract will streamline the procurement process for local governments and municipalities, improving mobility and safety for the ever-increasing number of Floridians."

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. To learn more, please visit: www.phoenixmotorcars.com.

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 and are subject to known and unknown risks. There can be no assurance that future developments affecting Phoenix will be those anticipated. 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 acquire and grow the Proterra Transit business, our ability to satisfy all closing conditions under the Proterra purchase agreement, satisfaction of procedures applicable to the sale and the receipt of approval of the sale by the U.S. Bankruptcy Court, 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 on Form 10-K filed with the Securities and Exchange Commission ("SEC") and our other filings with the SEC. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.

Investor Relations
Mark Hastings, Senior Vice President of Corporate Development & Strategy
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