Almost every third person is laid off at Novo Energy

The battery manufacturer Novo Energy in Gothenburg – partly owned by crisis-stricken Northvolt and car manufacturer Volvo Cars – is laying off 120 employees. "A tough but necessary decision", says CEO Adrian Clarke according to a press release.

» Published:

Almost every third person is laid off at Novo Energy
Photo: Aijaz Rahi AP/TT

Share this article

The planned staff reduction of 120 employees was first reported by Sveriges Radio Ekot. The number affected corresponds to almost a third of Novo Energy's workforce.

"We understand the significant impact this will have on our valued employees and will offer them assistance and support", says Adrian Clarke.

Negotiations about the cuts with union representatives will now begin, writes Novo Energy in the press release.

The purpose of the measures is, according to the company, to reduce costs due to market developments and as a result of an adapted business plan.

Novo Energy is still in a build-up and development phase as a battery manufacturer.

In late October, Volvo Cars announced that it wants to take over full ownership of the currently co-owned Novo Energy. According to Volvo Cars, the other owner – Northvolt – had, due to its crisis situation, breached the shareholder agreement.

Volvo Cars, which has so far sought a new investor in Novo Energy, is said to have invested "nearly three billion kronor" in its efforts on Novo Energy last autumn.

Tags

Author

TTT
By TTEnglish edition by Sweden Herald, adapted for local and international readers

More news

Nvidia and Intel Partner to Develop Computer and Data Center Chips

Nvidia and Intel Partner to Develop Computer and Data Center Chips

Bank of England Keeps Interest Rate Steady at 4.0 Percent

Bank of England Keeps Interest Rate Steady at 4.0 Percent

Novo Nordisk Shares Surge 5% After Positive Ozempic Study Results

Novo Nordisk Shares Surge 5% After Positive Ozempic Study Results

Energy Talks End Without Agreement; Government Considers Offshore Wind Support

Energy Talks End Without Agreement; Government Considers Offshore Wind Support

Norway Central Bank Reduces Interest Rate to 4.0 Percent

Norway Central Bank Reduces Interest Rate to 4.0 Percent

Stockholm Stock Exchange Rises After US Interest Rate Cut

Stockholm Stock Exchange Rises After US Interest Rate Cut

Billerud to Cut Up to 650 Jobs Amid Cost-Saving Measures

Billerud to Cut Up to 650 Jobs Amid Cost-Saving Measures

Reduced Benefits Linked to Poorer School Results and Increased Crime

Reduced Benefits Linked to Poorer School Results and Increased Crime

Swedish Companies Face Record 12-Quarter Economic Slump

Swedish Companies Face Record 12-Quarter Economic Slump

Asian Stocks Rise Following US Fed Interest Rate Cut

Asian Stocks Rise Following US Fed Interest Rate Cut

Blackstone to Invest £90 Billion in UK Projects Over Next Decade

Blackstone to Invest £90 Billion in UK Projects Over Next Decade

Wall Street Mixed as Fed Cuts Interest Rate but Signals Caution

Wall Street Mixed as Fed Cuts Interest Rate but Signals Caution

Fed Lowers Interest Rate by 0.25 Points, Signals More Cuts This Year

Fed Lowers Interest Rate by 0.25 Points, Signals More Cuts This Year

China Urges Tech Giants to Halt Nvidia AI Chip Purchases

China Urges Tech Giants to Halt Nvidia AI Chip Purchases

Jerry Greenfield Departs Ben & Jerry's, Citing Silencing by Unilever

Jerry Greenfield Departs Ben & Jerry's, Citing Silencing by Unilever

Avanza Introduces Digital Trading on London Stock Exchange

Avanza Introduces Digital Trading on London Stock Exchange

Uber Introduces Safari Tours in Kenya's Nairobi National Park

Uber Introduces Safari Tours in Kenya's Nairobi National Park

Swedish Inflation Expectations Rise Slightly in Latest Survey

Swedish Inflation Expectations Rise Slightly in Latest Survey

Sweden's Unemployment Rate Stays High in August

Sweden's Unemployment Rate Stays High in August

Stockholm Stock Exchange Sees Modest Gain Led by H&M

Stockholm Stock Exchange Sees Modest Gain Led by H&M