Restructuring events
European Restructuring Monitor (ERM)
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.
Novo Energy has announced a reduction of 150 jobs, equating to 50% of its workforce.
The restructuring follows the bankruptcy of Novo Energy's technology partner, Northvolt, and aims to optimise operations and manage costs. The layoffs will primarily affect white-collar workers.
Novo Energy, established in 2021, was initially a joint venture between Northvolt and Volvo Cars, aimed at building a dedicated battery factory in Gothenburg.
A previous round of layoffs was announced by Novo Energy in January 2025. The event has been recorded in the ERM events database Novo Energy - SE.
Updated, 19/01/2026: In mid-January 2026, the company announced that it would lay off the remaining 75 employees. The work on completing the factory shell in Gothenburg is now finished. As no new investor has been found following Northvolt's bankruptcy, the remaining staff have been dismissed.
Eurofound (2025), Novo Energy, Internal restructuring in Sweden, factsheet number 202694, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/202694.