Volvo Group has announced acquiring Proterra’s battery business for 210 million US dollars. The acquisition comes shortly after the US electric bus and battery manufacturer filed for Chapter 11 bankruptcy protection.
Facilities in California and South Carolina
The acquisition is expected to close in early 2024, subject to the necessary approvals, including those of the bankruptcy court. If approved, Volvo will acquire the battery module and pack development center in California and Proterra’s battery assembly plant in South Carolina which opened in January 2023. The purchase price corresponds to approximately 197 million euros. As of yet, it is unclear how Volvo will integrate the Proterra business into its group structure.