The move by Volvo Cars comes after Northvolt decided to no longer provide funding for the EV battery joint venture
Volvo Cars said on Wednesday it will invoke a right to acquire Northvolt ’s shares in their Swedish battery joint venture, NOVO Energy, after Northvolt decided to no longer provide funding for it.
Volvo Cars, which is majority-owned by China’s Geely, and Northvolt formed a joint venture to build a gigafactory to produce sustainable batteries for electric cars in 2021. They later said the plant would be set up in Gothenburg in southwest Sweden. NOVO, with planned investments of 30 billion Swedish crowns , was intended to make battery cells specifically developed for use in all-electric Volvo and Polestar cars, with production expected to start in 2026, the companies said in 2021.
It was not immediately clear what the NOVO facility, which is under construction, will be used for, Volvo said on Wednesday.
Volvo Funding Company Northvolt Venture Battery Novo Gothenburg Volvo Cars Geely
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