Volvo Group will acquire Proterra out of bankruptcy, pending approval from the court. Volvo’s winning bid for the business and assets of the Proterra Powered business was $210 million, according to the company.
Proterra Powered provides electric vehicle technology for heavy-duty transportation, according to its website, and has totaled more than 40 million miles in transit.
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The assets to be acquired include a development center for battery modules and packs in California and an assembly factory in South Carolina. With this acquisition, Volvo Group will complement the current, and accelerate its future, battery-electric road map, according to the company.
Proterra had been working with Daimler and Van Hool. According to Alastair Hayfield, senior research director, Interact Analysis, Proterra also has an agreement with Komatsu. It is unclear if or how those relationships will continue.
“This acquisition makes perfect sense as it wil enable Volvo to ‘go faster’ with its electrification strategy,” said Hayfield in a statement, “and give it a battery manufacturing facility to support its U.S. operations.”
