The Volvo Group has announced that it completed the transaction to acquire the battery business from Proterra Inc. and Proterra Operating Company Inc. on Feb. 1. The purchase comes at a surface-level cost of $210M, but that will be adjusted for inventory level at closing. The deal 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 of the Volvo Group.
Volvo says that it intends to run Proterra as a going concern and deliver to selected customers, adding that the transaction has no material impact on the Volvo Group financial performance.
