Volvo Cars has reached an agreement with Northvolt to take over the entire ownership of battery manufacturer Novo Energy, according to a press release.
Since Northvolt has ended up in financial difficulties, the battery manufacturer has gradually withdrawn from the ownership of Gothenburg-based Novo Energy. And now, Volvo Cars is buying out Northvolt completely.
Novo Energy also has problems and is still only in a build-up phase. Recently, the company announced that 120 employees were notified of redundancy.
