Volvo Cars Acquires Full Control of NOVO Energy

Volvo Cars has reached a deal to acquire Northvolt's share in their joint venture, NOVO Energy. The transaction involves the Swedish battery manufacturer, Northvolt, transferring its stake to Volvo Cars. Details regarding the financial aspects of the deal were not disclosed by the automaker.

Volvo Cars has announced an agreement to purchase struggling Swedish battery maker Northvolt's share in their joint battery venture, NOVO Energy. The deal was confirmed on Wednesday, though the financial terms remain undisclosed.

The move gives Volvo Cars complete control over the venture, potentially beneficial for the automaker's electric vehicle strategy. Northvolt, a known player in the battery manufacturing sector, will cease its involvement in NOVO Energy following this transaction.

Volvo's decision aligns with its commitment to advancing electric vehicle technologies and securing a stable supply of batteries. The decision comes amidst an evolving market landscape for sustainable automotive solutions.

(With inputs from agencies.)