Volvo Cars takes full control of Novo Energy and eyes U.S. expansion
29 jan. 2025
15:55
Volvo Cars is set to take full ownership of Swedish battery company Novo Energy, buying out Northvolt’s stake to become its sole owner.
Novo Energy was established in 2022 as a joint venture between Volvo Cars and Northvolt to produce high-performance batteries for Volvo’s next generation of electric vehicles.
The new ownership deal, which will see Volvo Cars take full ownership of the Gothenburg-based battery company is contingent on approvals from both a US bankruptcy court and Sweden’s Inspectorate of Strategic Products (ISP), Northvolt stated in a press release.