The Volvo Group has completed the previously announced transaction whereby the Group acquired the battery business from Proterra Inc. and Proterra Operating Company Inc.
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, South Carolina.
“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,” says Lars Stenqvist, CTO Volvo Group.
Volvo intends to run Proterra as a going concern and deliver to selected customers.