Northvolt's 'crown jewel' included in bankruptcy, leaving Scania deal up in the air
Truck giant Scania did not complete its planned acquisition of Northvolt's "crown jewel" – Northvolt Systems Industrial – before the battery manufacturer filed for bankruptcy, Peter Carlsson tells Impact Loop. <br><br>What happens now with the deal remains unclear.
Impact Loop revealed in December that Scania was close to buying up Northvolt's "crown jewel" division.
And in mid-February, Scania confirmed it had reached an agreement to purchase Northvolt Systems Industrial. The division is part of Northvolt's more successful subsidiary, Northvolt Systems, which develops and manufactures battery systems for heavy industry and construction machinery.
But the deal wasn't completed before Northvolt AB filed for bankruptcy on Wednesday. A bankruptcy application was also submitted for Northvolt Systems.
"We didn't have a closing before we were forced into this," says Peter Carlsson, founder and former CEO of Northvolt, to Impact Loop.
The deal is therefore now up in the air.
In 2023, Northvolt Systems Industrial had a net turnover of 621 million kronor (€56.5m), but with a negative operating result of 263 million kronor (€24m). Its customers include heavy hitters such as mining giant Epiroc, Konecranes and Dynell.
The division has about 300 employees split between a prototype facility in Tomteboda, Stockholm and a production facility in Gdańsk, Poland. Impact Loop has tried to reach Scania's press officer for comment.
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