The Volvo Group has successfully concluded the acquisition of the battery business from Proterra Inc. and Proterra Operating Company Inc. The transaction, valued at $210 million before adjustments for inventory levels at closing, encompasses a development center for battery modules and packs in California, along with an assembly factory in South Carolina.
Volvo’s acquisition aims to operate Proterra as an ongoing entity, delivering products to selected customers, with no substantial impact anticipated on the Volvo Group’s financial performance. Notably, Proterra Inc. had filed for US bankruptcy protection in August 2023.
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Lars Stenqvist, Chief Technology Officer (CTO) of the Volvo Group, remarked, “These assets and the skills and competence of the Proterra team are a great complement to our current footprint and enable us to accelerate our battery-electric roadmap even further.”
In a LinkedIn statement, Proterra expressed its commitment to its mission as a standalone business within the Volvo Group, emphasizing the dedication to building innovative battery technology for a more sustainable world. The collaboration with the Volvo Group marks the commencement of a new chapter for Proterra.
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Headquartered in Gothenburg, Sweden, the Volvo Group employs over 100,000 individuals and caters to customers in nearly 190 markets. The strategic acquisition aligns with Volvo’s goal to enhance its position in the electric vehicle (EV) market.
