Phoenix's EdisonFuture Launches Alkaline Electrolyzer for Green Hydrogen Production & Appoints Wu as VP of Business Development

ANAHEIM, CA / ACCESSWIRE / November 13, 2023 / Phoenix Motor Inc. (NASDAQ:PEV) ("Company" or "Phoenix"), a leading electrification solutions provider for medium-duty vehicles, today announced that its EdisonFuture subsidiary has launched a new Alkaline Electrolyzer solution, in addition to its existing Proton Exchange Membrane (PEM), for the production of green hydrogen products. The product launch supports the Company's ongoing commitment to advancing renewable energy and the transition to a carbon-neutral society. Meanwhile, Fengping Wu was appointed Vice President of Business Development and will lead the EdisonFuture Hydrogen business development team committed to delivering renewable energy solutions and products to more customers.

The company's alkaline electrolyzers encompass a hydrogen production range spanning from 100 to 1200 Nm3/h, achieving a purity level of 99.999%. Recognized for their robustness, lightweight construction, and extended operational lifespan, these products consistently exhibit stability and reliability. Their seamless integration with renewable energy sources facilitates the provision of clean hydrogen to customers, thereby making a substantial contribution to the mitigation of their carbon footprint.

"We are pleased to launch our new alkaline electrolyzer solutions in addition to our previously launched PEM solutions, and extend the reach of clean, renewable energy. Hydrogen is a key component in the transition to a carbon-free society, and we believe these technologies will make an important contribution to this effort," said Denton Peng, Chairman and CEO of Phoenix Motorcars. "We are currently in the site selection process for a U.S. manufacturing facility for our new line of electrolysis products and look forward to continuing our commitment to creating a more sustainable future. The introduction of our new line of U.S.-made electrolysis solutions strategically positions us to capitalize on the expanding hydrogen market. We look forward to providing updates in the coming months on this exciting addition to our diverse and expansive range of renewable energy solutions."

Mr. Fengping Wu brings significant experience in promoting hydrogen and fuel cell technologies and products. His expertise includes a deep understanding of the industry and previous experience in business development. Previously, Mr. Wu was co-founder at Nulyzer Inc, where he licensed leading technology to incubate the business, and built relationships with customers and business partners on pilot testing and collaboration. Fengping also previously served as Senior Director of Business Development at Mpower Innovation, as Partner at Global Cleantek Bridge, as Business Director at Calwave Technologies, among other roles with industry leading companies. Mr. Wu earned his Master of Business Administration (MBA) from the University of North Carolina.

"We are excited to appoint Fengping to lead our hydrogen business development team," Mr. Peng continued. "His wealth of experience should prove invaluable as we seek to continuously improve our renewable energy solutions for green hydrogen production and introduce new products to the market."

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.

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.

Investor Relations

Mark Hastings, Senior Vice President of Corporate Development & Strategy/Head of Investor Relations
[email protected]

SOURCE: Phoenix Motorcars Inc.

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