Volvo Shopping for Proterra EV Battery Enterprise – Gasoline Smarts
Proterra produced the primary Proterra Powered EV battery at its South Carolina manufacturing plant in January.
Photograph: Proterra (file picture)
Volvo Group is shopping for the Proterra Powered enterprise unit as a part of the voluntary Chapter 11 chapter proceedings of Proterra Inc. and Proterra Working Firm Inc. Volvo was the successful bidder in an public sale for a worth of $210 million.
Proterra voluntarily filed for Chapter 11 chapter in August, saying that market and macroeconomic headwinds had affected its skill to scale all of its alternatives concurrently — which included car and gear electrification for OEMs, zero-emission transit buses, and charging options.
When asserting its chapter, Proterra mentioned it deliberate to sharpen its focus as a provider of EV battery expertise — the Proterra Powered enterprise, which has supplied battery expertise, drivetrains, car electrification and e-mobility expertise to car makers.
The belongings to be acquired embrace a improvement heart for battery modules and packs in California and an meeting manufacturing unit in South Carolina.
Proterra produced the primary Proterra Powered EV battery at its new Powered 1 battery manufacturing plant positioned in Greer, South Carolina, in January. This excessive purpose-built, high-volume battery manufacturing plant was constructed with plans to have a number of gigawatt hours of annual manufacturing capability.
Greer is a bit more than 200 miles away from Dublin, Virginia, the place Volvo Vans North America’s New River Valley Meeting Plant is, and the place it makes the Volvo VNR Electrical.
The acquisition will complement Volvo’s present battery-electric street map, in keeping with the corporate, and speed up its zero-emissions future. Closing of the transaction is anticipated in early 2024.
Accelerating Volvo’s ZEV Technique
Alastair Hayfield, senior analysis director at market intelligence agency Work together Evaluation, identified that Volvo Group has aggressively pursued an electrification technique throughout all strains of its enterprise.
“This acquisition makes good sense as it can allow Volvo to ‘go quicker’ with its electrification technique and provides it a battery manufacturing facility to assist its U.S. operations,” he mentioned in an e-mail. “What is just not clear is whether or not Proterra’s agreements with different OEMs will stay.”
Proterra battery expertise powers greater than 20 industrial car purposes, from Class 3 cargo vans as much as Class 8 semi-trucks, in addition to off-highway gear within the U.S., European, and Asia-Pacific markets.
The transaction between Proterra Inc. and Proterra Working Firm as sellers and Volvo is topic to approval by the chapter courtroom within the U.S. Closing additionally might be topic to merger clearance and sure different circumstances.
