The Volvo Group has completed its aquisition of the Proterra Inc. and Proterra Operating Company Inc. battery business.
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.
"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 Lars Stenqvist, CTO Volvo Group.
Volvo intends to run Proterra as a going concern and deliver to selected customers.
The transaction will have no material impact on the Volvo Group's financial performance.
