Swedish gigafactory Northvolt, which declared itself bankrupt in November last year, has sold its industrial battery division to truck manufacturer Scania, which is both a customer and shareholder of Northvolt.
The division, Systems Industrial, specialises in battery systems for heavy industry. It employs around 300 people at an R&D facility in Stockholm, Sweden, and at Northvolt’s production facility in Gdańsk, Poland.
Northvolt’s COO Matthias Arleth says the move would help the company get “closer to the sustainable and stable platform that is required for our future success.”
The sale is part of a wider operation by Northvolt to sell off “non-core businesses” and preserve its core operations. Alongside Systems Industrial, it’s already sold off its US subsidiary Cuberg and offloaded a stake in Hydro, a battery recycling facility.
Northvolt and Scania have a long history. Scania invested in Northvolt’s $2.8bn funding round in 2021 and then signed a major offtake agreement with the battery maker. When Northvolt entered bankruptcy proceedings, Scania also stepped in with $100m in emergency financing.
Last week, Northvolt told Sifted it had extended its runway beyond the end of January — when it had been expected to run out of cash. The company declined to say how much leeway now remains.
Read the orginal article: https://sifted.eu/articles/northvolt-battery-scania-news/
