Volvo has announced that it is acquiring Proterra’s battery business from Proterra Inc. and Proterra Operating Company.
Proterra Inc. and Proterra Operating Company Inc. are currently in a voluntary Chapter 11 bankruptcy process in the US.
As part of this process, Volvo Group has been selected as the winning bidder in an auction for the business and assets of the Proterra Powered business unit. This agreement has a purchase price of 210 million USD.
This transaction is subject to approval by the bankruptcy court in the US. Its closing will also be subject to merger clearance. However, Volvo anticipates that the deal will close in early 2024.
The acquired assets will include Proterra’s development centre for battery modules and packs in California and its assembly factory in South Carolina.
