Northvolt has agreed to sell its industrial battery unit to Swedish truckmaker Scania, strengthening ties between the two companies as Europe’s troubled battery maker grapples with financial difficulties.
The Swedish battery start-up said on Tuesday that it had agreed the sale of its industrial battery business, based in Gdańsk, Poland, which supplies batteries to customers in mining, agriculture, and construction equipment manufacturing.
The sale follows Northvolt’s Chapter 11 filing in November, brought about by severe production delays at its factory in the sub-Arctic town of Skellefteå, which left Europe’s biggest battery hope scrambling to find up to $1.2bn to exit bankruptcy and preceded the resignation of its co-founder Peter Carlsson as chief executive.