Volvo acquisition of Proterra battery business finalized
01 February 2024
Volvo Group announced it has completed the previously announced acquisition of the battery business from Proterra Inc. and Proterra Operating Company Inc. for a purchase price of $210 million USD before adjustment for inventory level at closing.
The Proterra acquisition includes a development center for battery modules and packs in California and an assembly factory in Greer, S.C. (Photo: Volvo Group)
As reported in November of last year, Volvo Group was selected as the winning bidder in an auction for the Proterra Powered business unit from Proterra Inc. and Proterra Operating Company Inc., which have been in a voluntary Chapter 11 bankruptcy process in the U.S.
The transaction includes a development center for battery modules and packs in California and an assembly factory in Greer, S.C.
“These assets and the skills and competence of the Proterra team are a great complement to our current footprint and enable us to accelerate our battery-electric roadmap even further,” said Lars Stenqvist, CTO Volvo Group.
Volvo said it intends to run Proterra as a going concern and deliver to selected customers.
The transaction will have no material impact on the Volvo Group financial performance, the company added.
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