5 May, 2025 | Gothenburg, Sweden – Today, NOVO Energy is announcing it is taking action to reduce cost and making organizational changes to re-size its operations. These actions come after extensive evaluation of its business following the bankruptcy of Northvolt, its technology partner.

The actions announced today will result in a workforce reduction affecting approximately 50 % of NOVO Energy's employees and are in addition to the cost reduction efforts announced in January. All notices of redundancies are subject to ongoing union negotiations in Sweden.

“Despite our best efforts to secure our business and an extensive ongoing search for a suitable new technology partner, the current economic challenges and market conditions have made it impossible to maintain our operations at the current scale,” says Adrian Clarke, Chief Executive Officer of NOVO Energy. “This was an incredibly hard decision to make, and it was not made lightly.”

NOVO Energy will continue limited operations while finalizing the first phase of construction and continuing to explore potential future scenarios that could permit a resumption of activities at scale. Producing batteries, with a new technology partner, in the Gothenburg area remains the primary long-term objective for NOVO Energy.