Volvo Announces Intent to Acquire Proterra Battery Business

November 10, 2023

Proterra's 327,000-square-foot battery production plant, the company's third such facility, located in Greer, South Carolina, opened last year.

Speculation about the future of Proterra’s electric battery packs ended with the news that a U.S. bankruptcy court chose Volvo Group as the winning bidder at auction.

Contingent upon merger approval by regulators, Volvo said on Friday that it looks to acquire the battery technology that powers the Thomas Built Buses Jouley electric school bus. The deal is expected to close early next year.

In a statement, Volvo said it would acquire from Proterra Inc. and Proterra Operation Company a development center for battery modules and packs located 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,” the company added.

A Volvo representative would not comment on future business that could arise from the acquisition. But Volvo and Daimler Trucks, the parent company of Thomas Built, have partnered on a fuel-cell project since 2021.

Thomas Built representatives had not responded to an email seeking comment at this report.

Proterra, which also builds electric transit buses, filed for Chapter 11 bankruptcy in August. In February, the company with Thomas Buses celebrated over 1 million miles traveled by the Jouley electric school bus.

This is a developing story.