Phoenix Motor Inc. (Nasdaq: PEV) (“Company” or “Phoenix”), a leader in manufacturing of all-electric, medium-duty vehicles, announced the signing of an Equipment Testing Agreement with Fermata Energy LLC, a leading provider of V2X (vehicle-to-everything) bidirectional charging platforms. The Fermata Energy platform allows EVs to be utilized as mobile energy storage assets to send energy stored in EV batteries to the local grid or to a building when it is needed most, all while supporting grid resilience. V2X includes vehicle-to-grid (V2G) and vehicle-to-building (V2B) projects.

Under the agreement, Fermata Energy will pair its V2X bidirectional chargers and AI-driven software platform with Phoenix’s zero emission drive system. With the bidirectional charging platform, Phoenix’s customers with zero emission drive systems can earn revenue while their vehicles are parked either from their local utility (V2G) or avoid costly peak demand charges by sending energy to their building (V2B).

Phoenix Motorcars CEO Dr. Lance Zhou commented, “V2X is the next logical step in the evolution of our medium duty platform. Fermata Energy has proven to be the leader in this technology and offers the skills and the expertise to implement V2X capability as a viable solution for our customers and fleets. We are proud to be partnering with Fermata Energy to provide this technology to our customers.”

“V2X bidirectional charging unlocks the value in EV batteries. Partnering with Phoenix Motorcar adds a new class of vehicles to our bidirectional charging portfolio and extends the opportunities for fleet owners and operators to earn revenue without impacting vehicle utilization. We are pleased to partner with Phoenix Motorcars to bring new opportunities to their customers to earn revenue while their vehicles are parked and support grid resilience,” said David Slutzky, founder and CEO of Fermata Energy.

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 markets its commercial, medium duty EVs (shuttle buses, school buses, municipal transit vehicles and delivery trucks, among others) under its “Phoenix Motorcars” brand and its vehicles have driven more than 4 million zero-emission miles on the road. Phoenix intends to bring its “EdisonFuture” band of light-duty EV trucks for the consumer and commercial segments to market within the next few years, which is its. For more information, please visit: www.phoenixmotorcars.com.

About Fermata Energy

Fermata Energy’s proprietary vehicle-to-everything (V2X) software and bidirectional hardware technology turns EVs into energy storage assets and makes it possible for EVs to combat climate change, increase energy resilience, and reduce energy costs. For more information, visit www.fermataenergy.com.

Forward-Looking Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are no guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s ability to convert concept trucks and vans into production and sales; the Company’s product development timeline and expected start of production; development of competitive trucks and vans manufactured and sold by the Company’s competitors and major industry vehicle companies; the Company’s ability to scale in a cost-effective manner; the Company’s future capital requirements and sources and uses of cash; the Company’s ability to obtain funding for its future operations; the Company’s financial and business performance; changes in the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; the implementation, market acceptance and success of its business model; expectations regarding the Company’s ability to obtain and maintain intellectual property protection and not infringe on the rights of others; and other risks contained in the Offering prospectus and reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, including those set forth in the Risk Factors section of the Company's registration statement and Offering prospectus, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Phoenix Investor Relations Contacts: Mark Hastings, Senior Vice President & Head of Investor Relations Sioban Hickie, ICR Inc. PhoenixIR@icrinc.com

Fermata Energy Contact: Loretta Prencipe loretta@fermataenergy.com 202.658.9024

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