1 July, 2025 | Gothenburg, Sweden

NOVO Energy AB has reached an agreement where Volvo Group has acquired the subsidiary NOVO Energy R&D AB.

NOVO R&D, established in 2022, has gathered leading expertise from all over the world, building a top-class lab for testing and developing cell technology. As the transaction closed, all employees of NOVO R&D transferred to Volvo Group. The lab and employees will remain in its current facilities in Eriksberg, Gothenburg.

By divesting NOVO R&D to Volvo Group, the asset remains in the Gothenburg region benefiting both the local business environment and the region's competitiveness in electrification and clean technology.