The Volvo Group has completed the previously announced transaction where the Group acquired the battery business from Proterra and Proterra Operating Company.
The acquisition, which was made at a purchase price of US$210m before adjustment for inventory level at closing, includes a development centre for battery modules and packs in California and an assembly factory in Greer, South Carolina.
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“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,” said CTO Lars Stenqvist.
Volvo intends to run Proterra as a going concern and deliver to selected customers.
The transaction has no material impact on the group’s financial performance.
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