GREENVILLE, SC / ACCESSWIRE / July 15, 2024 / Phoenix Motor Inc.'s (Nasdaq:PEV) PhoenixEV, a leading manufacturer of innovative electric buses, delivered five 40' ZX5 battery electric buses in May 2024 for the University of California, Irvine (UCI). This win marks a major step for PhoenixEV in providing universities with reliable and sustainable transportation solutions.

UCI has had an electric fleet since January 2018 and is the first university in the nation to go all electric. Since then, UCI has added 25 buses to their fleet, and logged 1,183,210 miles. Also, their ridership for the 23-24 academic year was 1,464,378 while annually hitting 184,938 miles and averaging 3,555 miles weekly.

The buses are charged using UCI's state-of-the-art microgrid, which consists of an internal utility tunnel loop connected to the local utility via an on-campus substation. The internal utility loop spans around the campus and connects the community of over 30,000 people to various distributed energy resources, including charging stations for each of the new Anteater Express buses. Also, charging their fleet costs only $0.37 per mile compared to the $1.53 per mile they could be spending with diesel.

"PhoenixEV is proud of our partnership with UCI," says Denton Peng CEO of PhoenixEV. "UCI is a forward-thinking university dedicated to sustainable transportation for their students and community, and we are delighted to be a strategic electric bus partner with UC Irvine."

A Sustainable Future for Transportation

This partnership marks a significant step forward for both PhoenixEV and UCI. PhoenixEV continues its expansion into the educational market, while UCI continues to lead in reducing greenhouse gas emissions by committing to ensuring that at least 50% of fleet acquisitions are zero or low emission vehicles. For more information regarding UCI's transportation history, check out: https://shuttle.uci.edu/our-history/. Also, UCI has an amazing history of pioneering sustainability. Learn more about their endeavors here: https://news.uci.edu/2023/12/11/americas-greenest-university/.

About PhoenixEV

Phoenix Motor, a pioneer in the electric vehicle ("EV") industry, specializes in designing, building, and integrating electric drive systems, along with manufacturing heavy-duty transit buses and medium- to light-duty commercial EVs. The company operates under two primary brands: "PhoenixEV," focusing on commercial products such as heavy and medium-duty EVs (including transit buses, shuttle buses, school buses, and delivery trucks), and "EdisonFuture," aimed at offering light-duty EVs. Phoenix is committed to being a leading designer, developer, and manufacturer of electric vehicles and EV technologies. To learn more, please visit www.phoenixev.ai

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:

Tyler Leach
Marketing Manager
PhoenixEV
846-436-7326
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