Volvo to acquire battery business from Proterra Inc. and Proterra Operating Company

Story Highlights

• Proterra Inc.
• Volvo Group
• procedura de faliment
• Volvo acquires Proterra

Related Articles

• Streamlined Handling Grapple reduces maintenance
• Caterpillar introduces new Product Link capabilities for connecting expanded range of assets
• K-Tec ţinteşte piaţa la scară largă prin lansarea noului screper 1228 ADT

Proterra Inc. and Proterra Operating Company Inc. are in a voluntary Chapter 11 bankruptcy process in the US. Volvo Group has been selected as the winning bidder in an auction for the business and assets of the Proterra Powered business unit at a purchase price of USD 210M.

The transaction between Proterra Inc. and Proterra Operating Company as sellers and Volvo is subject to approval by the bankruptcy court in the US. In addition, closing of the transaction, which is expected early 2024, will be subject to merger clearance and certain other conditions.
Proterra Powered leverages the Company’s industry-leading battery technology and expertise to electrify commercial vehicles.

“We entered into the Chapter 11 process with a mission to maximize the potential of each of our product lines. Today, we have taken an important step towards that goal for our Proterra Powered business,” said Gareth Joyce, Proterra CEO.

The assets to be acquired include a development center for battery modules and packs in California and an assembly factory in South Carolina. With this acquisition, Volvo Group will complement the current, and accelerate its future, battery-electric road map.
The transaction has no material impact on the Volvo Group financial performance.