Announced
Financials
Sources
Tags
Friendly
Pending
Single Bidder
Sweden
Joint Venture
Domestic
Acquisition
Private
Majority
Auto Parts
vehicle integration technologies
battery cells
Synopsis
Volvo Car, a Swedish automobile marque, and Northvolt, a Swedish battery developer and manufacturer, are set to form a joint venture. The intention is to develop and produce more sustainable batteries, tailored to power the next generation of pure electric Volvo and Polestar cars. The joint venture would be a 50/50 deal. Financial terms were not disclosed. “By working with Northvolt we will secure a supply of high-quality, more sustainable battery cells for our pure electric cars. Working closely with Northvolt will also allow us to strengthen our in-house development capabilities," Håkan Samuelsson, Volvo Car CEO.
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