Scania committed to buying Northvolt's battery pack business despite bankruptcy

Reuters

Wed, Mar 12, 2025, 5:56 AM 1 min read

STOCKHOLM (Reuters) - Truckmaker Scania inactive intends to bargain Northvolt's artillery battalion concern contempt the Swedish artillery shaper having declared bankruptcy connected Wednesday, a Scania spokesperson told Reuters connected Wednesday.

Northvolt, an electrical conveyance artillery compartment maker, filed for bankruptcy connected Wednesday, bringing to an extremity Europe's champion anticipation of processing a rival to large Asian EV artillery players.

Northvolt said successful February that it had agreed to merchantability a artillery battalion concern called Northvolt Industrial to 1 of its largest customers and shareholder Traton-owned Scania.

Scania's connection for the Northvolt Industrial, which were portion of the artillery maker's portion called Northvolt Systems was for $6 cardinal successful cash. It would besides instrumentality implicit each indebtedness and liabilities belonging to the business.

However, arsenic the genitor institution Northvolt declared itself and 4 of its units, including Systems, bankrupt successful Sweden, this has temporarily suspended the deal.

"The transaction, arsenic primitively documented, cannot present implicit with Systems successful bankruptcy", an interior Northvolt memo seen by Reuters stated.

(Reporting by Marie Mannes and Alessandro Parodi, editing by Essi Lehto and Tomasz Janowski)