Northvolt Systems Industrial, which makes heavy industry battery systems for Swedish battery maker Northvolt has been sold.
Northvolt did not name the buyer in its initial statement, but truck and bus manufacturer Scania told Reuters it was the purchaser.
The decision to sell Systems Industrial follows changes in Northvolt’s review of its strategy in the battery sector, wanting to focus on large-scale manufacturing for its core business, it said.
Scania told Reuters it intends to implement Systems Industrial into its power solutions division, which sells engines and components for agriculture, construction and power generation.
Northvolt Systems Industrial was established in 2018 and employs 300 people at a battery systems prototyping facility in Stockholm, Sweden, as well as Northvolt’s production facility in Gdansk, Poland.
Northvolt said it does not want to cause disruptions with the sale process, which will include the transfer of all assets, employees and contracts to Scania. It said all orders for 2025 will be fulfilled.
The deal will be subject to legal and regulatory clearances. Northvolt is restructuring under Chapter 11 bankruptcy, and the sale also follows on from it divesting from Norsk Hydro and Volvo Cars joint ventures in cost-cutting measures.
Matthias Arleth, COO, Northvolt, said: “It’s not an easy decision to separate from our colleagues at Systems Industrial, that has built such a strong business from scratch in a short time. However, the transaction is one more important milestone reached on our path to focus the company. Step by step we are getting closer to the sustainable and stable platform that is required for our future success.”
