Volvo buys battery business from Proterra for $210M By Investing.com

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Volvo buys battery business from Proterra for $210M By Investing.com


© Reuters. Volvo buys battery business from Proterra for $210M

Swedish truck manufacturer Volvo (OTC:) announced Friday morning, its successful bid of $210 million in an auction for the battery business of financially troubled Proterra in the United States.

This auction was conducted as part of Proterra’s ongoing Chapter 11 bankruptcy protection proceedings in the United States.

“We entered into the Chapter 11 process with a mission to maximize the potential of each of our product lines. Today, we have taken an important step towards that goal for our Proterra Powered business,” said Proterra CEO, Gareth Joyce.

In an official statement, Volvo expressed its intention to conclude the acquisition, subject to approval by the bankruptcy court, early next year.



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