Volvo buys Proterra battery business for $210m
Business news
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By
Nick Flaherty
The Volvo Group is the winning bidder in an auction for the business and assets of the Proterra Powered business for $210m.
The transaction between Proterra Inc and the Proterra Operating Company and Volvo is subject to approval by the bankruptcy court in the US.
The collapse of Proterra also led to Volta Trucks filing for bankruptcy. Volvo is a competing manufacturer of trucks.
- Electric truck pioneer Volta Trucks files for bankruptcy
- Proterra and LG Chem team on new heavy duty battery cell .
The assets to be acquired include a development centre 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.ise closing of the transaction is expected early 2024 and is subject to merger clearance and certain other conditions.
www.volvo.com; www.proterra.com
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