Northvolt sells business to Scania at a massive discount

The ailing battery manufacturer Northvolt in Skellefteå, Sweden, is selling its Northvolt Systems Industrial business to truck manufacturer Scania.

The business consists of a factory in Gdansk, Poland and a prototype facility in Stockholm. In total, the business has 300 employees.

According to sources to Svenska Dagbladet, Scania has paid less than SEK 100 million. Northvolt has invested SEK 1.6 billion in the factory.

The factory in Gdansk manufactures batteries for industry, not for trucks. Customers include Epiroc and Konecranes.

Battery manufacturer Northvolt is in the middle of a reorganization process in the United States, a so-called Chapter 11 process, which recently revealed that its liabilities are 85% greater than its assets. Equity is reported to be minus SEK 40 billion. In December alone, the loss in Northvolt was just over SEK 25 billion.

Lennart Håkansson, North Sweden Business

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