Phoenix & InductEV Form Long-Term Partnership for Wireless Vehicle Charging
- Partnership with InductEV to integrate wireless charging technology for EV fleets
- Focus on software, hardware, and cooling and electrical systems integration
- Offering hands-free on-route charging for medium-duty vehicles
- Potential for wireless inductive charging in duty cycles and recurring routes
- Orders accepted for wireless charging of Class 4 shuttles, with deployment expected in 2024
- None.
The integration agreement between Phoenix Motor Inc. and InductEV marks a significant step in the electric vehicle (EV) industry, particularly in the medium-duty vehicle segment. The collaboration aims to enhance Phoenix's product offering by integrating InductEV's wireless charging technology, which could potentially lead to increased operational efficiency and cost savings for customers. This technology is particularly relevant for fixed route applications like airports and school buses, where predictable and frequent charging opportunities can optimize the use of wireless inductive charging systems.
From a market perspective, the adoption of such technologies by Phoenix could improve its competitive edge in the EV market. The ability to offer wireless charging as an option may attract new customers and retain existing ones looking for innovative and convenient charging solutions. Moreover, this partnership could signal to investors Phoenix's commitment to innovation and sustainability, potentially influencing the company's stock performance positively.
Phoenix Motor Inc.'s move to incorporate InductEV's wireless vehicle charging technology aligns with broader environmental and sustainability goals, particularly in the context of decarbonization efforts. The hands-free on-route charging capability offered by InductEV could contribute to reducing the carbon footprint of Phoenix's fleet customers. This is because wireless charging can encourage the use of electric vehicles by making the charging process more convenient and efficient, thereby potentially reducing reliance on fossil fuels.
Furthermore, the modular nature of InductEV's platform suggests a degree of flexibility and scalability that could be beneficial for Phoenix's diverse customer base. This strategic partnership may also reflect positively on Phoenix's corporate social responsibility profile, as it demonstrates a proactive approach to addressing environmental concerns, which can be an influential factor for environmentally conscious investors and customers.
The financial implications of the partnership between Phoenix Motor Inc. and InductEV are multifaceted. On one hand, the development and integration of new technologies such as wireless charging pads into Phoenix's vehicles may require substantial upfront investment. This could affect Phoenix's short-term financials, potentially impacting cash flow and earnings. However, the long-term benefits could outweigh these initial costs if the new technology leads to increased sales and market share.
It is also important to consider the lifecycle cost savings for the end-users, which include reduced maintenance costs associated with fewer moving parts and the elimination of manual charging processes. These savings could be a strong selling point for Phoenix's EVs, potentially leading to a higher total cost of ownership advantage over competitors. Investors should monitor the adoption rate of Phoenix's wireless charging-capable vehicles post-deployment to gauge the success of this strategic initiative.
ANAHEIM, CA and KING OF PRUSSIA, PA / ACCESSWIRE / March 18, 2024 / Phoenix Motor Inc. (Nasdaq:PEV), a leading manufacturer of heavy-duty transit buses and electrification solutions provider for medium-duty vehicles, today announced an Integration Agreement with InductEV, a pioneer in wireless vehicle charging technology. InductEV's solution allows EV fleets to achieve their decarbonization goals with hands-free on-route (opportunistic) charging, while reducing costs.
The new partnership will develop software, hardware and cooling and electrical systems integration of InductEV's wireless charging pads with Phoenix's zero-emission drive systems. This strategic partnership will provide Phoenix's customers with the option to select wireless inductive charging for use in duty cycles and recurring routes.
Phoenix's CEO Denton Peng commented, "Wireless charging is well-suited for fixed route applications such as airports, seaports, hotels, and municipal and school bus markets. InductEV's modular platform and small footprint allows Phoenix to successfully adopt InductEV's technology on our medium-duty vehicles and offer our customers a cleaner and more versatile charging solution."
Phoenix has already accepted orders for wireless charging of its Class 4 shuttles and expects to deploy its first wireless charging-capable shuttle buses later in 2024.
"We're delighted to partner with such a well-regarded industry OEM like Phoenix," said M. David Dealy, President and Chief Commercial Officer, InductEV. "The use cases for Phoenix's medium-duty vehicles align perfectly with InductEV's wireless charging approach to the commercial transport market. We look forward to a long and successful partnership."
About Phoenix Motor Inc.
Phoenix Motor Inc., 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: www.phoenixmotorcars.com.
About InductEV.
InductEV (formerly Momentum Dynamics) is revolutionizing how electric commercial fleet vehicles charge their batteries. With its proprietary on-route wireless solution now deployed throughout North America and Europe and with 18 U.S. patents and 23 pending, the King of Prussia, PA-based company is the global leader in high-power, high-speed wireless EV charging, and AI-software-powered energy management. The company just opened one of the world's first R&D centers for wireless vehicle charging. (https://www.inductev.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. 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:
Mark Hastings, Chief Financial Officer
marketing@phoenixmotorcars.com
Media Inquiries (InductEV):
Peter Himler, Flatiron Communications
(m) 516-729-6461
peter@flatironcomm.com
Erin Mahoney, Flatiron Communications
(m) 917-213-2935
erin@flatironcomm.com
SOURCE: Phoenix Motorcars Inc.
View the original press release on accesswire.com
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