Sweden's Northvolt sells heavy industry battery business to truck maker Scania [Globe and Mail, The (Toronto, Canada)]
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Source: Globe and Mail, The
Sweden's Northvolt has agreed to sell a business that makes electric battery packs for heavy industry, one of its few profitable units, to its customer and partner Scania, the two companies said on Tuesday, as the battery maker's restructuring inches forward. While Northvolt did not name Scania in its statement, the Swedish truck maker confirmed to Reuters that it was the buyer of the unit. It said it would fit within the company's power solutions division, which sells Scania engines and components for industries such as construction, agriculture and power generation. Northvolt last year went within months from being Europe's candidate for an electric vehicle (EV) battery champion to filing in November for U.S. Chapter 11 bankruptcy protect
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