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Electronics Production |
Volvo Cars takes full ownership of Novo Energy
The Swedish car manufacturer has signed a share purchase agreement relating to Northvolt’s shares in Novo Energy, leading to Volvo Cars taking full ownership of the Novo Energy joint venture.
The transaction under the share purchase agreement is still, however, subject to clearance from the US Bankruptcy Court for the Southern District of Texas and the Inspectorate of Strategic Products in Sweden – with both parties responsible for fulfilling agreed prerequisites. As soon as all conditions are met, the transaction will close.
Volvo Cars says that the acquisition is unlikely to influence the company's other planned investments or cash flow goals.
Furthermore, Volvo Cars and Northvolt have inked a framework agreement to explore how the companies could collaborate in the future, including potential future supply opportunities in North America.
