The acquisition means that Volvo Group takes over the battery cell chemistry and material research team and facilities, supporting Volvo Group in the transformation to more sustainable transport solutions.
The transfer comes into effect on 1 July 2025, and the onboarding of the NOVO R&D staff into the Volvo Group organization begins immediately. The laboratory and all staff members will remain in its current facilities in Gothenburg.
“The acquisition means that this top-class competence will remain in Gothenburg and Sweden, strengthening the region’s competitiveness in clean technology. This is a great opportunity for us to further enhance our competence in battery cell chemistry and material research areas. It will be a very strong asset to succeed with our strategy towards being 100% fossil-free in 2040,” says Lars Stenqvist, CTO Volvo Group.
Journalists wanting further information, please contact:
Claes Eliasson, Head of Media Relations
+46 76 553 7229
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The Volvo Group drives prosperity through transport and infrastructure solutions, offering trucks, buses, construction equipment, power solutions for marine and industrial applications, financing and services that increase our customers’ uptime and productivity. Founded in 1927, the Volvo Group is committed to shaping the future landscape of sustainable transport and infrastructure solutions. The Volvo Group is headquartered in Gothenburg, Sweden, employs more than 100,000 people and serves customers in almost 190 markets. In 2024, net sales amounted to SEK 527 billion (EUR 46 billion). Volvo shares are listed on Nasdaq Stockholm.
