On 12 January, Phoenix Motor announced that it had completed its acquisition of the Proterra Transit, and on 2 February, Volvo announced that its acquisition of Proterra Powered had completed.

According to the terms of the asset purchase agreement between the two companies, Phoenix Motor will acquire the ‘Proterra Transit’ business assets for a sum of USD10m.

The deal includes the Proterra development centre for battery modules and packs in California and an assembly factory in South Carolina. Whilst details remain sparse at this point, the deal is expected to close in early 2024 and remains subject to the approval of the U.S. Bankruptcy Court.

Iveco has unveiled its new HD BEV (Heavy-Duty Battery Electric Vehicle) and HD FCEV (Heavy-Duty Fuel Cell Electric Vehicles) under the Iveco brand. 

Proterra, whose shares nearly halved in value after the bell on Monday the 7th of August 2023, listed its assets and liabilities in the range of USD 500 million to USD 1 billion. The company says it has a market value of USD 309 million and is currently trading at USD 0.15 a share as of Thursday the 10th of August.

The charging park, spread over 3.5 acres, is fitted with 20 dual-cable charging stations, providing a total power output of 1.4 megawatts to 40 coaches.

Nielsen replaces Jack Allen, who has retired from the company.

‘Valence’ is a cloud-based platform which offers a range of tools to fleet operators, including: real-time monitoring of fleet vehicles (bus or truck); data analytics for monitoring vehicle performance; diagnostics for identifying faults; and charge management.

The site will be located in Queen Creek, on the outskirts of the Phoenix metropolitan area, with production set to begin in 2025 at a capacity of 27 GWh per year.

The company produced 381 units in 2022, up from 156 units in 2021 and generated USD 24.4 million in 2022, up 16% from USD 21 million in 2021.

Challenges cited by the company included parts shortages, inflation, and other costs associated with starting up production at the new battery plant in South Carolina.

The move is a cost-cutting measure which will allow Proterra to concentrate its manufacturing activities at its two sites in South Carolina.