Anaheim-based electric vehicle company Phoenix Motor Inc. has bought the hydrogen fuel cell manufacturing assets of Altergy Systems in Folsom.
Phoenix (Nasdaq: PEV) says it will use the manufacturing facility in Folsom to design and produce hydrogen fuel cells for use in forklifts, buses, vans and trucks.
"We are excited to further expand our operations with our entrance into the rapidly growing hydrogen fuel cell market,” said Phoenix CEO Lance Zhou, in a news release.
Phoenix said the Folsom shop, with its advanced, robotic assembly line, can produce a fuel cell every 30 seconds. And Phoenix said it plans to increase production in the coming quarters.
Phoenix acquired the assets in an online auction that closed in June, according to the website of auction house Rabin Worldwide. The sale price was not disclosed.
The equipment auctioned included production equipment, machine shop and quality control, test and inspection tools.
Altergy started in 2001 to manufacture hydrogen fuel cell generators as backup power for the telecommunications industry, among other customers. In 2007, Altergy built out its manufacturing line in a 35,000-square foot space at 140 Blue Ravine Road in Folsom.
No one from Altergy or Phoenix could be reached by the Business Journal for comment.
In 2020, Altergy ranked 13th on the Sacramento Business Journal’s Sacramento Area-based Clean/Renewable Energy Companies list with 50 employees.
Phoenix said the recently passed U.S. climate bill, officially the Inflation Reduction Act, “should provide tremendous incentives, opportunities and market stability for us to grow this important clean energy power source. We are currently integrating the acquired assets and facility into our company and look forward to providing regular updates as we achieve important milestones in the hydrogen fuel cell business.”
