The Volvo Group won the bidding for Proterra and Proterra Operating Company’s business and assets, the company stated in a release on Nov. 10, 2023. Proterra filed for voluntary Chapter 11 bankruptcy on August 7, 2023.
The Volvo Group’s acquisition is expected to close in early 2024 and is subject to merger clearance and other conditions. Meanwhile, the company is set to attain the Proterra Powered business unit's development center for battery modules and packs in California as well as its assembly factory in South Carolina for a purchase price of $210 million.
With Proterra’s facilities, the Volvo Group stated they will accelerate its battery-electric road map. Nikola Corp. has also been working with Proterra to produce battery packs for the company’s Tre HCEV vehicles throughout the bankruptcy proceedings, though no announcements have been made on any collaboration between Nikola and the Volvo Group.