News

Volvo to acquire Proterra’s battery business

Proterra’s filing for Chapter 11 bankruptcy protection was a shock to the EV industry, but the blow was softened by the company’s assurance that it would either recapitalize its businesses or sell them off.

Now the first step in that process appears to have taken place—the Volvo Group has been selected as the winning bidder in an auction for the business and assets of the Proterra Powered business unit (which provides powertrain and battery technology to other EV OEMs) at a purchase price of $210 million.

Assets to be acquired include a development center for battery modules and packs in California and an assembly factory in South Carolina.

The transaction is subject to approval by the US bankruptcy court, and is expected to close in early 2024.

“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.

A separate auction for Proterra’s Transit and Energy business lines, including the company’s Valence fleet and energy management product, is in progress at this writing.

Sources: Volvo Group, Greenville Business Magazine

Products You May Like

40 Comments

Leave a Reply

Your email address will not be published. Required fields are marked *