STOCKHOLM (Reuters) – Truckmaker Scania still intends to buy Northvolt’s battery pack business despite the Swedish battery maker having declared bankruptcy on Wednesday, a Scania spokesperson told Reuters on Wednesday.
Northvolt, an electric vehicle battery cell maker, filed for bankruptcy on Wednesday, bringing to an end Europe’s best hope of developing a rival to major Asian EV battery players.
Northvolt said in February that it had agreed to sell a battery pack business called Northvolt Industrial to one of its largest customers and shareholder Traton-owned Scania.
Scania’s offer for the Northvolt Industrial, which were part of the battery maker’s unit called Northvolt Systems was for $6 million in cash. It would also take over all debt and liabilities belonging to the business.
However, as the parent company Northvolt declared itself and four of its units, including Systems, bankrupt in Sweden, this has temporarily suspended the deal.
“The transaction, as originally documented, cannot now complete with Systems in bankruptcy”, an internal Northvolt memo seen by Reuters stated.
(Reporting by Marie Mannes and Alessandro Parodi, editing by Essi Lehto and Tomasz Janowski)
Comments