Volvo Completes Acquisition Of Battery Business From Proterra Inc., And Proterra Operating Company

Volvo intends to run Proterra as a going concern and deliver to selected customers. (Photo courtesy of Volvo)

The Volvo Group recently completed the previously announced transaction whereby the Group acquired the battery business from Proterra Inc., and Proterra Operating Company Inc.

According to a press release, “The acquisition, which was made at a purchase price of USD 210M before adjustment for inventory level at closing, includes a development center for battery modules and packs in California and an assembly factory in Greer, SC.”

“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,” Lars Stenqvist, CTO Volvo Group, said.

“Volvo intends to run Proterra as a going concern and deliver to selected customers,” the released added. “The transaction has no material impact on the Volvo Group financial performance.”

For more information, visit volvogroup.com.