EXCLUSIVE: Scania in talks to acquire Northvolt's "crown jewel" division

According to Impact Loop's sources, Scania is in dialogue to purchase components of Northvolt Battery Systems, one of Northvolt's ventures.

The unit, that manufactures battery systems, is something of a crown jewel among Northvolt's subsidiaries, already boasting heavyweight clients like mining equipment manufacturer Epiroc. It posted net sales of SEK 621m (approximately €53,8m) in 2023, although it reported an operating loss of SEK 263m (about €22,8m).

When contacted by Impact Loop, Northvolt's Head of Communications Matti Kataja initially asked for time to respond, later sending a text that neither confirmed nor denied the deal:

"Northvolt Systems, a subsidiary of Northvolt AB Group, confirms ongoing and constructive dialogue with potential partners regarding the divestment of its industrial business unit."

He added that Northvolt Systems' industrial operations have "developed a strong portfolio of battery products and continue to support and enable partners worldwide in their development of more sustainable, electrified and battery-powered vehicles."

Kataja concluded: "As discussions are ongoing, it would be inappropriate to provide any additional comments at this time."

Scania's Press Chief Erik Bratthall also declined to comment, telling Impact Loop: "We never comment on these types of negotiations. When something is finalised, we can talk about it."

Management shake-up

Meanwhile, documents filed with the Swedish Companies Registration Office (Bolagsverket) show that Barbara Thierart, who heads Northvolt Battery Systems, is stepping down from the company's board. Impact Loop's attempts to reach Thierart for comment have so far been unsuccessful.

A key figure in the potential deal appears to be Sara Hermansson, who joined Scania as senior vice president in October after a two-year stint at energy investor EIT InnoEnergy. Hermansson previously worked at Northvolt. She was unavailable for comment when contacted by Impact Loop.

Long-standing partnership

Scania and Northvolt – two Swedish industrial powerhouses – have been collaborating since Scania did a first investment in the battery company 2018. Scania has remained one of Northvolt's steadfast partners throughout the battery maker's recent difficulties, publicly pledging continued support for the company going forward.