Proterra (PTRA) has received final approval from the U.S. Bankruptcy Court for the sale of the Company’s Proterra Powered business line to Volvo Battery Solutions (VLVLY). Proterra Powered leverages the Company’s battery technology and expertise to electrify commercial vehicles. The transaction close date is expected to occur in Q1 of 2024. The Sale hearing for Phoenix Motor, Inc.’s (PEV) pending acquisition of the Proterra Transit business line has been moved to December 12, 2023. The sale of the Proterra Energy business line to a group of private funds controlled by Cowen Equity will be consummated through a Chapter 11 Plan of Reorganization upon exit from bankruptcy. Proterra Energy provides fleet operators with a comprehensive set of EV charging solutions to scale zero-emission commercial vehicle fleets, including the Valence fleet and energy management tool. Each transaction is subject to final regulatory approvals and closing conditions.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on VLVLY:
- Volvo to acquire Proterra for $210M in Chapter 11 auction
- Polestar Automotive announces ‘strengthened’ business plan
- UAW President Shawn Fain says union has offers from two of big three in past day
- Volvo price target raised to SEK 315 from SEK 275 at Deutsche Bank
- Volvo reports Q3 EPS SEK 6.93 vs. SEK 4.24 last year
