Swedish battery manufacturer Northvolt has sold its industrial battery pack division to Scania, a long-time customer, marking a restructuring move aimed at stabilizing its finances. The sale, whose terms remain undisclosed, is part of Northvolt's broader strategy to cut costs following severe financial challenges, including massive layoffs and emergency funding needs. The acquisition integrates Northvolt's battery unit into Scania's power solutions division, enhancing its capabilities in sectors like construction and agriculture. This divestment follows similar transactions with Norsk Hydro and Volvo Cars, highlighting Northvolt's shift in focus to its battery plant operations in Sweden.
The sale of the business unit follows divestments to Norsk Hydro and Volvo Cars as the group seeks to offload projects and divisions to cut costs and focus on its battery plant in northern Sweden.
The deal, confirmed by the Swedish truckmaker to Reuters, marks another step in Northvolt's restructuring efforts as it seeks to streamline operations and stabilize its financial position.
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