The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Computer, Electrical Electronic And Optical Products Manufacture Of Electrical Equipment 27.20 - Manufacture Of Batteries And Accumulators
120 jobs Number of planned job losses
Announcement Date
20 January 2025
Employment effect (start)
20 January 2025
Foreseen end date
Description
Novo Energy, a joint venture owned by auto manufacturer Volvo Cars and battery manufacturer Northvolt, announced that they would dismiss 120 employees from the Gothenburg facilities. Novo Energy has two branches, a research and development branch for auto batteries, and a manufacturing branch. In total, they employ about 400 workers in the Gothenburg area.
The company is still in the starting phases, and after Northvolt has been in crisis, Volvo Cars announced that they were to take a majority share of the company in October of 2024, but seeking additional investors. The reduction of the workforce is in response to a bad market, and the establishing of a new business plan.
Eurofound (2025), Novo Energy, Internal restructuring in Sweden, factsheet number 202270, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/202270.
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