Overview
- NOVO Energy said all activities, including construction of the planned Gothenburg gigafactory, are on hold until a new technology partner is secured.
- Talks with multiple battery makers remain active, but chair Alexander Petrofski said carrying ongoing costs made continued operations unviable.
- The decision cuts the remaining 75 jobs, following a workforce reduction in May last year as the project slowed.
- The venture began in 2021 with Northvolt to supply Volvo and Polestar, and Volvo took full control after Northvolt’s bankruptcy last year.
- The European Commission announced €1.5 billion in interest-free loans for battery producers last month, and company officials say further support such as credit guarantees would be key to any restart.