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| Novo Energy |
Volvo Cars has signed an agreement to fully acquire Novo Energy from Northvolt. This move consolidates Volvo's battery production capabilities.
Volvo Takes Full Control of Battery Venture
Novo Energy, established in 2021, aims to develop sustainable batteries. Its Gothenburg lithium-ion battery factory, under construction since March 2023, is set for 2026 production. Volvo will acquire all Northvolt shares, pending US and Swedish regulatory approvals. This follows Novo's recent organizational changes to reduce operating costs. Northvolt filed for Chapter 11 bankruptcy in November 2023, facing significant debts.
Northvolt's Streamlining and Partnership Changes
Furthermore, Northvolt's partnership landscape is shifting. Galp withdrew from a lithium refinery project in Portugal. Hydro also took full ownership of Hydrovolt, their joint venture with Northvolt. Volvo's acquisition of Novo Energy signifies a strategic consolidation in the battery sector.
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