Sweden’s Volvo group said it was the winning bidder in an auction for the Proterra Powered heavy-duty battery business and assets of the bankrupt Proterra business for $210 million.
Proterra Inc. and Proterra Operating Company Inc. are in voluntary Chapter 11 bankruptcy. The Proterra Powered unit designs, develops, manufactures, sells and integrates proprietary battery systems for commercial vehicles including delivery trucks, school buses, coaches, construction and mining equipment.
The acquisition is subject to regulatory and bankruptcy court approval.
Volvo expects the transaction to close in early 2024.
The assets to be acquired include a development centre for battery modules and packs in California and an assembly factory in South Carolina.
Volvo said the acquisition will complement and accelerate its battery-electric work.
