Swedish EV battery maker Northvolt has sold its industrial battery pack division to long-term partner Scania. Indeed, Scania has been cooperating with Northvolt for quite a long time, with Scania people recently helping out Northvolt by spending time at the Swedish production plant.

On February 18th, Northvolt actually released an official statement in which the battery maker did not mention Scania as the counterpart of the agreement. Later on, the deal has been confirmed by the Swedish truckmaker to Reuters. It marks another step in Northvolt’s restructuring efforts as it seeks to streamline operations and stabilize its financial position.

How Scania and Northvolt reached the agreement

As reported by our sister platform Sustainable Bus, the sale is part of Northvolt’s broader cost-cutting strategy following a tumultuous period, as Northvolt has faced significant financial struggles, including the need for emergency funding to cover salaries and the dismissal of approximately 1,600 employees across its Swedish operations in Skellefteå, Västerås, and Stockholm, as reported in late 2024.

Finally, Reuters notes that “the sale of the business unit follows divestments to Norsk Hydro and Volvo Cars as the group seeks to offload projects and divisions to cut costs and focus on its battery plant in northern Sweden”.

Highlights

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