{"id":28107,"date":"2023-11-10T12:41:17","date_gmt":"2023-11-10T11:41:17","guid":{"rendered":"https:\/\/www.sustainable-bus.com\/?p=28107"},"modified":"2023-11-13T12:23:45","modified_gmt":"2023-11-13T11:23:45","slug":"volvo-to-acquire-battery-business-from-proterra","status":"publish","type":"post","link":"https:\/\/www.sustainable-bus.com\/components\/volvo-to-acquire-battery-business-from-proterra\/","title":{"rendered":"Volvo to acquire battery business from Proterra"},"content":{"rendered":"\n

The voluntary bankruptcy proceedings of Proterra Inc. and Proterra Operating Company Inc<\/strong> are underway<\/a>: in this context, Volvo Group has been selected as the highest bidder <\/strong>in an auction for the business and assets of the Proterra Powered unit, at a purchase price of $210 million<\/strong>.<\/p>\n\n\n\n

The transaction between Proterra Inc. and Proterra Operating Company as sellers and Volvo is subject to approval by the U.S. Bankruptcy Court. In addition, the closing of the transaction, expected in early 2024, will be subject to merger clearance and other conditions.<\/p>\n\n\n\n

The assets to be acquired include a development center for modules and battery packs in California and an assembly plant in South Carolina. With this acquisition, the Volvo Group will complement its current and accelerate its future electric battery roadmap.<\/p>\n\n\n\n\n\n

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\n\t\t\t\tProterra seeks Chapter 11 bankruptcy protection<\/a>\n\t\t\t<\/h2>\n\t\t<\/header>\n\n\t\t
Proterra has filed for Chapter 11 protection in a bid to reinvigorate its financial standing. While navigating this process, the company is committed to maintaining normal business operations and harnessing the opportunity to optimize its product lines. Reuters noted that \u201dProterra, whose shares nea…<\/div>\n\n\t\t