Scania, the Swedish truckmaker owned by Volkswagen (VOWG.DE), has agreed to acquire Northvolt’s battery systems division for heavy industry, marking the first asset sale following Northvolt’s recent bankruptcy, the company said.
The acquisition revives a deal first announced in February, when Scania had offered $6 million for Northvolt Systems Industrial. That transaction was delayed after Northvolt, once hailed as Europe’s answer to Asian electric vehicle battery makers, filed for bankruptcy last month in one of Sweden’s largest corporate collapses.
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Scania, a stakeholder and long-time customer of Northvolt, said it reached an agreement with the bankruptcy trustee for an undisclosed price. “With this acquisition Scania will strengthen its electrification offering for off-road applications,” the company said in a statement. “Northvolt Systems Industrial’s operations will continue with business as usual.”
The division, which employs around 260 people, develops and manufactures battery packs for construction, mining, and other heavy-duty applications. It operates a factory in Poland and maintains an R&D center in Sweden.
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Northvolt had sought to sell several non-core units in recent months in a bid to preserve its core EV battery cell production, but was ultimately unsuccessful. The sale to Scania represents a first step in liquidating the group’s assets.
Scania noted that the deal aligns with its broader strategy to expand into complementary businesses that enhance its long-term competitiveness in electrification.