The electric vehicle (EV) industry was recently rocked by Proterra’s filing for Chapter 11 bankruptcy protection. However, the company has since assured that it will either recapitalize its businesses or sell them off. Now, the first step in that process appears to have taken place, as Volvo Group has been selected as the winning bidder in an auction for the business and assets of Proterra Powered, the company’s powertrain and battery technology division.
The purchase price for the assets, which include a development center for battery modules and packs in California and an assembly factory in South Carolina, is $210 million. The transaction is subject to approval by the US bankruptcy court and is expected to close in early 2024. Proterra CEO Gareth Joyce commented on the news, saying “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.”
A separate auction for Proterra’s Transit and Energy business lines, including the company’s Valence fleet and energy management product, is still ongoing. The outcome of this auction will be a major factor in determining the future of Proterra and the EV industry as a whole. With Volvo Group’s acquisition of Proterra Powered, the company is now well-positioned to become a major player in the EV industry.
FAQ
Q1: Are electric car batteries recyclable?
A1: Yes, electric car batteries are recyclable.
Q2: Are electric car chargers free?
A2: It depends on the charger and the location. Some electric car chargers are free, while others may require a fee.
Q3: Can electric car batteries be rebuilt?
A3: Yes, electric car batteries can be rebuilt with the right tools and knowledge.
