Northvolt Ventures Gambles on Potential North American Collaborations
Northvolt agreed to sell its interest in the joint venture NOVO Energy with Volvo Cars, as the battery maker navigates U.S. bankruptcy protection. The companies remain open to exploring collaborations in North America, amid Northvolt's financial restructuring involving the sale of non-core businesses such as Revolt.
In a strategic move, Northvolt has decided to sell its stake in the joint venture NOVO Energy to Volvo Cars. This decision comes as the battery manufacturer grapples with U.S. bankruptcy protection.
The financial details remain undisclosed, yet the deal signifies Northvolt's focus on maintaining its primary battery cell production by divesting from non-essential ventures.
Despite the financial turmoil, Northvolt is optimistic about exploring new supply opportunities in North America with Volvo, while discussions about long-term funding needs continue.
(With inputs from agencies.)
ALSO READ
U.S. State Department Greenlights Major Missile Sale to Denmark
U.S. Approves $200M F-404 Engine Fan Sale to Spain
U.S.-China AI Chip Sales: Lawmakers Demand Transparency from Commerce Department
Lawmakers Demand Transparency in Nvidia AI Chip Sales to China
Andhra Pradesh Liquor Sales Surge: Revenue Approaches Target
Google News