Volvo Group says it is acquiring the Proterra Powered business unit of Proterra Inc., which is moving through Chapter 11 bankruptcy.
The purchase price of $210 million includes the Proterra Powered business and assets, won via a bid in the bankruptcy auction. The transaction is subject to approval by the bankruptcy court in the U.S. In addition, closing of the transaction, which is expected early 2024, will be subject to merger clearance and certain other conditions.
The assets to be acquired include a development center for battery modules and packs in California and an assembly factory in South Carolina.
With the acquisition, Volvo Group anticipates accelerating its battery-electric road map.