Northvolt has signed a Sale and Purchase Agreement for the acquisition of its Systems Industrial division, a developer and manufacturer of battery systems for the heavy industry and off-highway market segments. While Northvolt’s press release did not disclose the buyer’s identity, Reuters has reported that the division is being acquired by Swedish truck manufacturer Scania.
Northvolt Systems Industrial, established in 2018, employs approximately 300 people across a battery systems prototyping facility in Stockholm, Sweden, and a production facility in Gdańsk, Poland. The division offers battery modules and systems to customers in industries such as material handling, construction equipment, mining, agriculture, and municipal services. Among its existing clients are Epiroc, Konecranes, and Dynell.
Northvolt and Scania intend to structure the transaction to ensure a smooth transfer of all necessary assets, employees, and contracts, allowing operations to continue seamlessly. Northvolt Systems Industrial will maintain its commitments, including executing orders contracted for 2025 as planned.
The sale aligns with Northvolt’s strategic review to focus on its core business of large-scale battery cell manufacturing. Northvolt Chief Operating Officer Matthias Arleth commented that while the decision to divest the division was not easy, it represents a step toward consolidating the company’s long-term strategy.
Elin Åkerström, Vice President of Northvolt Systems Industrial, stated that the agreement aims to secure a stable future for the business, which has already achieved significant milestones, including the sale of over 3,300 Voltpack Core products and accumulating approximately 10 million hours of battery runtime.
According to Reuters, the financial details of the transaction have not been disclosed, but Swedish media have speculated that the sale price is significantly lower than Northvolt’s initial investment of €143 million in the division in 2021.
The sale remains subject to regulatory approval and the execution of binding agreements.