Volvo Cars and Northvolt AB have signed a share purchase agreement relating to Northvolt’s shares in NOVO Energy AB, leading to Volvo Cars taking full ownership of NOVO Energy AB.
The transaction under the share purchase agreement is subject to clearance from the United States Bankruptcy Court for the Southern District of Texas and the Inspectorate of Strategic Products in Sweden, with both parties responsible for fulfilling agreed prerequisites.
The transaction will close once all conditions are met.
Volvo Cars taking full ownership of NOVO Energy is not expected to impact Volvo Cars’ other planned investments or ambitions on cash flow.
Upon completion of the transaction, there are no outstanding claims between the companies.
Additionally, Volvo Cars and Northvolt AB have signed a framework agreement, exploring how the companies could work together in the future, including potential future supply opportunities in North America.
Volvo Cars in 2023
For the full year 2023, Volvo Car Group recorded a record-breaking core operating profit of 25.6 billion Swedish kronor.
Revenue in 2023 amounted to an all-time high of 399.3 billion Swedish kronor, while global sales reached a record 708,716 cars.
Read more: Top companies gather at the “Storage, Renewable and Electric Vehicles Integration Forum”
