Swedish truck manufacturer Scania has agreed to buy the bankrupt Northvolt heavy industry battery division, reviving a deal first proposed in February.
Northvolt filed for bankruptcy last month, one of Sweden’s largest bankruptcies, ending Europe’s best hopes of developing a competitor to Asian electric vehicle battery manufacturers.
Scania had offered to buy Northvolt Systems Industrial for 6 million dollars, but the bankruptcy filing halted the plan.
The division Scania wants to buy, which employs about 260 people, produces battery systems used in construction, mining, and other heavy industry equipment at a factory in Poland and also has a research and development center in Sweden.
Scania confirmed that the acquisition is in line with its strategy to develop complementary businesses to enhance its long-term competitiveness, adding that Northvolt Systems Industrial’s operations will continue as usual.
