Proterra and Proterra Operating Company are in a voluntary Chapter 11 bankruptcy process in the US and Volvo Group has been selected as the winning bidder in an auction for the business and assets of the Proterra Powered business unit at a purchase price of US$210m.
The transaction is subject to approval by the US bankruptcy court.
Closing, expected early in 2024, will be subject to merger clearance and other conditions.
The assets to be acquired include a development centre for battery modules and packs in California and an assembly factory in South Carolina.
The transaction has no material impact on the Volvo Group financial performance.
Proterra failed about two months before key customer Volta Trucks.
