Finance
Volvo Cars pauses operations at battery startup Novo Energy
Published by Global Banking and Finance Review
Posted on January 13, 2026
Volvo Cars Suspends Operations at Battery Startup Novo Energy
Volvo Cars and Novo Energy Operations
STOCKHOLM, Jan 13 (Reuters) - Sweden's Volvo Cars has paused operations at its battery startup Novo Energy while its search for a partner for the project continues, Novo Energy said on Tuesday.
Impact of Partner Search
"Until a new technology partner is secured, NOVO Energy can no longer proceed with its operations as previously planned," the company said in a statement.
Layoffs at Novo Energy
It said that as a result, it was laying off 75 people across the company.
(Reporting by Marie Mannes and Anna Ringstrom, editing by Terje Solsvik)
Frequently Asked Questions about Volvo Cars pauses operations at battery startup Novo Energy
1What is a battery startup?
A battery startup is a new company focused on developing and producing battery technologies, often aimed at improving energy storage solutions for electric vehicles and renewable energy applications.
2What is a partner in business?
A partner in business refers to an individual or entity that collaborates with another in a business venture, sharing profits, risks, and responsibilities.
3What is a financial pause?
A financial pause refers to a temporary halt in operations or investments, often due to strategic reassessment or the search for new opportunities.
