The Volvo Group Thursday completed the previously announced transaction whereby the group acquired the battery business from Proterra Inc. and Proterra Operating Company Inc.
The acquisition, which was made at a purchase price of $210 million before adjustment for inventory level at closing, includes a development center for battery modules and packs in California and an assembly factory in Greer, S.C., Volvo Group says.
“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 Volvo Group.
Volvo intends to run Proterra as a going concern and deliver to selected customers, the company says, and the transaction has no material impact on the Volvo Group financial performance.
