Volvo Group has acquired Proterra’s battery business through an auction as part of the company’s Chapter 11 bankruptcy process.
Volvo will pay US$210 million for the assets, including a development center for battery modules and packs in California, and an assembly factory in South Carolina. The deal is subject to approval and should close in early 2024.
Volvo says the purchase will complement its existing, and accelerate its future, battery-electric roadmap. Proterra entered Chapter 11 bankruptcy protection in August.
Proterra first introduced battery-electric transit buses in North America in 2010. Its battery systems power more than 20 commercial vehicle applications from Class 3 cargo vans to Class 8 trucks — such as the Nikola Tre BEV, Blue Arc EV, FCCC MT50e, and Lightning eMotors vans.
