Volvo Acquires Full Ownership of Battery Venture NOVO Energy from Northvolt

The deal follows Northvolt's financial struggles and positions Volvo to continue its EV battery production plans independently.

Volvo Cars has purchased Northvolt's stake in their joint venture, NOVO Energy, gaining full control of the battery production initiative.
The financial terms of the agreement were not disclosed, and the deal requires approvals, including from a U.S. bankruptcy court and Swedish authorities.
Northvolt, under U.S. bankruptcy protection, has been divesting non-core businesses to address funding challenges and focus on its core battery cell production.
Volvo plans to proceed with its Gothenburg battery factory plans and is seeking a new partner to support the project.
Both companies have signed a framework agreement to explore potential future collaborations, including battery supply opportunities in North America.