Volvo Cars announced on Wednesday that it had initiated a process to take complete control of NOVO Energy following a breach of the deal by its joint venture partner, Northvolt AB.
Northvolt failed to meet its financing obligations, prompting Volvo to invoke its redemption rights to acquire Northvolt's shares in the energy venture. Volvo is currently assessing the potential impact on NOVO Energy and exploring various options, including possible multifunctional uses for the facility.
"Volvo Cars intends to have a constructive dialogue with Northvolt on the matter," the company con concluded.
