Finance
Volvo Cars pauses operations at battery startup Novo Energy
Published by Global Banking & Finance Review®
Posted on January 13, 2026
1 min readLast updated: January 19, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on January 13, 2026
1 min readLast updated: January 19, 2026
Volvo Cars has paused operations at its battery startup Novo Energy due to a search for a new partner, resulting in 75 layoffs.
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.
"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.
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)
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.
A partner in business refers to an individual or entity that collaborates with another in a business venture, sharing profits, risks, and responsibilities.
A financial pause refers to a temporary halt in operations or investments, often due to strategic reassessment or the search for new opportunities.
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