Volvo Wins Bid to Acquire Battery Manufacturer Proterra
Volvo Group has been selected as the winning bidder in an auction for the business and assets of the Proterra Powered business unit for the price of $210 million. Proterra Inc. is currently in a voluntary Chapter 11 bankruptcy process.
Volvo Group has been selected as the winning bidder in an auction for the business and assets of the Proterra Powered business unit for the price of $210 million. Proterra Inc. and Proterra Operating Co. are currently in a voluntary Chapter 11 bankruptcy process.
The transaction, subject to approval by the bankruptcy court in the U.S., is expected to close in early 2024, subject to customary approvals.
Volvo is attempting to acquire 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.
“This acquisition makes perfect sense as it will enable Volvo to ‘go faster’ with its electrification strategy and give it a battery manufacturing facility to support its U.S. operations,” said Alastair Hayfield, senior research director at market intelligence firm Interact Analysis.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.
