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Proterra gets nod to sell battery assets to Volvo for $210 million
By Sarah Lizee
Olympia, Wash., Nov. 28 – Proterra Inc. received court approval to sell its Proterra Powered business to Volvo Group for $210 million, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.
Closing is expected in early 2024 but will be subject to merger clearance and other conditions.
The assets to be acquired include a development center for battery modules and packs in California and an assembly factory in South Carolina.
Burlingame, Calif.-based Proterra designs and manufactures zero-emission electric transit vehicles and EV technology solutions for commercial applications. The company filed bankruptcy on Aug. 7 under Chapter 11 case number 23-11120.
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