Volvo Group completed the acquisition of a battery cell laboratory from NOVO Energy AB, integrating the facility’s chemistry and materials research team into its organization. The laboratory, located in Gothenburg, Sweden, and its staff will remain at their current site as part of Volvo Group’s ongoing efforts toward sustainable transport solutions.
Under the agreement, Volvo Group assumes responsibility for the laboratory’s advanced research capabilities in battery cell chemistry and material development. The transfer of operations and personnel took effect immediately on July 1, with formal onboarding of the NOVO R&D team under way. Volvo Group expects this addition to bolster its expertise in key areas of battery technology as it pursues its ambition to achieve 100 percent fossil-free operations by 2040.
“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.
The newly acquired laboratory and research team will support Volvo Group’s global development of electrified commercial vehicles and contribute to broader battery innovation initiatives within the organization. By integrating NOVO Energy AB’s specialized capabilities, Volvo Group aims to accelerate its development of high-performance, sustainable battery cells for trucks, buses and other transport applications.
Volvo Group, founded in 1927 and headquartered in Gothenburg, offers a wide range of trucks, buses, construction equipment, marine and industrial power solutions, as well as financing and services. Employing more than 100,000 people, the company operates in nearly 190 markets and reported net sales of SEK 527 billion (EUR 46 billion) in 2024. Its shares are listed on Nasdaq Stockholm.
Source: Volvo Group
