Volvo Completes Acquisition of Proterra Inc's Battery Business & Proterra Operating Company

The Volvo Group has completed the acquisition of the battery business from Proterra Inc. and Proterra Operating Company Inc. The acquisition, which was made at a purchase price of $210mn before adjustment for inventory level at closing, includes a development centre for battery modules and packs in California, and an assembly factory in South Carolina.

Volvo intends to run Proterra as a going concern and deliver to selected customers.  

The transaction has no material impact on the Volvo Group financial performance.

Proterra Inc filed for US bankruptcy protection in August, 2023.

Lars Stenqvist, Volvo Group's CTO, says: “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.” 

On LInkedIn, Proterra comments: 'As a standalone, independent business operating as Proterra within Volvo Group, our mission remains steadfastly committed to building innovative battery technology to power a better, more sustainable world. Together with Volvo Group, we are excited to begin this next chapter in our story.'

The Volvo Group is headquartered in Gothenburg, Sweden, employs more than 100,000 people and serves customers in almost 190 markets.