Volvo Cars initiates process to take full ownership of NOVO Energy
London, October 30, 2024, (Oilandgaspress) ––– Volvo Cars has today notified its counterpart in the NOVO Energy joint venture, Northvolt AB, that Volvo Cars will invoke its redemption rights to acquire Northvolt’s shares in NOVO Energy.
This action follows a breach of the parties’ shareholders’ agreement where Northvolt AB has not fulfilled its financing obligations.
Volvo Cars is evaluating any potential impact these developments could have for NOVO Energy and is investigating future scenarios to protect the investment.
The NOVO Energy building could be multifunctional and various options are now being considered on the assumption that Volvo Cars reaches full ownership. Any battery production at NOVO Energy is dependent on third party or other partner involvement. When Volvo Cars reaches full ownership it is not expected to impact Volvo Cars’ other planned investments or its targets on cash flow.
Volvo Cars has a diversified and resilient battery supply chain and its vehicle roll-out plans will not be affected.
Volvo Cars intends to have a constructive dialogue with Northvolt on the matter.
This disclosure contains information that Volvo Car AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 30-10-2024 09:12 CET.
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