Volvo Group Acquires Proterra Powered Business Unit in Successful Auction
Volvo Group clinches the winning bid at the Proterra Powered business unit auction amid Chapter 11 bankruptcy proceedings, marking a strategic move to enhance their battery-electric roadmap.
Gothenburg, Sweden- VolvoGroup., In a significant development, Proterra Inc. and Proterra Operating Company Inc. are currently undergoing a voluntary Chapter 11 bankruptcy process in the United States. The latest update reveals that Volvo Group has secured the winning bid in the auction for the business and assets of the Proterra Powered business unit, agreeing to a purchase price of USD 210 million.
This transaction is contingent upon approval by the U.S. bankruptcy court, with the closing expected in early 2024, subject to merger clearance and other specified conditions. The acquisition encompasses key assets, including a cutting-edge development center for battery modules and packs located in California, as well as an assembly factory in South Carolina.
