Proterra Inc. filed a notice for the selection of Successful Bidder in the US Bankruptcy Court for the sale of its certain assets on November 10, 2023. As a result of the auction conducted on November 9, 2023, Volvo Battery Solutions LLC has been selected as the winning bidder for the sale of debtor?s Proterra powered assets. Proterra Inc. and Proterra Operating Company, Inc. filed an asset purchase agreement in the US Bankruptcy Court for the sale of substantially all its assets.

As per the agreement dated November 9, 2023, seeks the Court?s approval for the sale of substantially all its assets to Volvo Battery Solutions LLC winning bidder, for a purchase price of $210 million in cash plus or minus the amount of the closing inventory adjustment. Under the terms of the asset purchase agreement, the buyer shall make an earnest money deposit of 10% of the cash payment upon the execution of the agreement. The transaction is expected to close not prior to January 15, 2023.

The buyer is represented by Shari L. Heyen & Hans E. Biebl of Greenberg Traurig, LLP as its legal advisors and the debtor is represented by Paul M. Basta, Robert A. Britton, Austin S. Pollet & Michael J. Colarossi of Paul, Weiss, Rifkind, Wharton & Garrison LLP as its legal advisors.