Novo Energy

Type
Internal restructuring
Country
Sweden
Region
Södra Sverige; Västsverige; Västra Götalands län
Location of affected unit(s)
Göteborg
Sector
Manufacturing
(26 - 27) Manufacture of electrical, electronic and optical products
27.2 - Manufacture of batteries and accumulators
27.20 - Manufacture of batteries and accumulators
120 jobs
Number of planned job losses
Job loss
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.

Sources

Citation

Eurofound (2025), Novo Energy, Internal restructuring in Sweden, factsheet number 202270, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/202270.