Volvo Group has completed the acquisition of the battery business from U.S.-based company Proterra Inc. Indeed, the agreement was announced at the end of last year, after Proterra called for Chapter 11 to avoid bankruptcy. Previously, the issues regarding the battery manufacturer were among the causes of the bankruptcy in turn declared by Volta Trucks, as Proterra itself acted as a key supplier for the electric truck manufacturer.
Proterra battery business to merge into Volvo Group
Volvo communicated that the acquisition was made at a purchase price of USD 210M before adjustment for inventory level at closing. The agreement includes a development center for battery modules and packs in California and an assembly factory in Greer, South Carolina.
“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,” commented Lars Stenqvist, CTO Volvo Group.