The Swedish car manufacturer Volvo Cars is acquiring the shares of the ailing battery manufacturer Northvolt in a joint plant. According to Volvo, this is the joint venture company Novo Energy. According to Handelsblatt, the companies did not comment on further details of the purchase price.
A Northvolt spokesperson commented that the deal shows that market interest in Northvolt remains strong.
The transaction must be approved by a bankruptcy court in Texas, among others.
Volvo Cars and Northvolt founded the joint venture, Novo Energy, to build a battery factory near Gothenburg in 2021. In October, the car manufacturer had already stated that it needed a new partner for the factory. According to Handelsblatt, Northvolt is struggling and is in creditor protection under Chapter 11 of the US Bankruptcy Code.
Source: http://www.handelsblatt.com/ & www.reuters.com
