Volvo Cars, the owner of NOVO Energy, maintains its long-term ambition to produce batteries for its electric cars in the Gothenburg, Sweden area.

This requires an external technology partner and over the past year, Volvo Cars has conducted an extensive search for a new partner. This process continues, led by Volvo Cars.

However, until a new technology partner is secured, NOVO Energy can no longer proceed with its operations as previously planned.

As a result, NOVO Energy AB today announces layoffs that affect all positions in the company. NOVO Energy has informed relevant unions and has given notice to Arbetsförmedlingen, the Swedish labor market authorities, for a total of 75 positions.

This decision has not been taken lightly but is necessary considering the current situation. The company and its owner Volvo Cars sincerely thank all employees for their efforts in bringing NOVO Energy to where it is now.

While Volvo Cars continues to search for a new technology partner, it is currently not possible to share further details about when battery production could start, or in what organizational structure this might happen.

For more information, please contact:

Volvo Cars Media Relations

+46 31-59 65 25

media@volvocars.com