Volvo acquires battery business from Proterra Inc.

The Volvo Group has officially acquired the battery business from Proterra Inc. and Proterra Operating Company Inc.

Volvo Group were the winning bidders in an auction for the business and assets of the Proterra Powered business unit back in November 2023.

Entering in a voluntary Chapter 11 bankruptcy process in the US, Proterra Inc. and Proterra Operating Company Inc were ultimately bought out by Volvo for 210 million USD (approx. 319.5 million AUD).

The acquisition, which is now completed, includes a development centre for battery modules and packs in California and an assembly factory in Greer, South Carolina.

Volvo Group CTO Lars Stenqvist says, “These assets and the skills and competence of the Proterra team are a great complement to our current footprint and enables us to accelerate our battery-electric roadmap even further.”

Proterra is the electrification partner of choice for many industry-leading manufacturers, with 40+ million service miles and 1300+ battery systems delivered to date.

Volvo intends to run Proterra as a going concern and deliver to selected customers.

The transaction has no material impact on the Volvo Group financial performance.

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