Volvo Group has been selected as the winning bidder in a bankruptcy auction for the business and assets of the Proterra Powered unit at a purchase price of $210 million.
The assets to be acquired include a development center for battery modules and packs in California and an assembly factory in South Carolina.
Proterra Inc. and Proterra Operating Company Inc. are in a voluntary Chapter 11 bankruptcy process in the U.S.
The transaction between Proterra Inc. and Proterra Operating Company and Volvo 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 transaction has no material impact on the Volvo Group financial performance.