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The acquisition and carve-out of Northvolt Systems’ Industrial Division in early 2025 is a telling example of how ���ϲ����� works with M&A. With around 300 employees in Sweden and Poland, Northvolt Systems specialised in industrial batteries for demanding off road applications such as mining, construction and material handling.��

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For ���ϲ����� Power Solutions, this was a perfect fit: robust battery technology for tough use cases that could accelerate electrification for those industrial applications.

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“With Northvolt Systems we could immediately see customer synergies, and by combining their base with ours we could offer a more expansive solution. The evaluation drew on ���ϲ�����’s in-house expertise – Power Solutions, R&D, production and more, all played a role in evaluating the investment – giving us the confidence that this was the right fit,” says Sarah Holford, Head of Mergers and Acquisitions (M&A) at Ventures and New Business at ���ϲ�����.

This acquisition has since resulted in the launch of ���ϲ����� Industrial Batteries, a new organisation headquartered in Sweden and dedicated to off-road and other specialised equipment applications. By integrating the former Northvolt Systems division into the portfolio, ���ϲ����� can now offer fully integrated battery solutions directly to customers.

When it comes to venture capital, ���ϲ�����’s investment in Neutreeno stands out as a strong example of how its investment teams work closely with and for ���ϲ�����’s core business, while also engaging with the external start-up ecosystem.

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“We were introduced to Neutreeno through ���ϲ����� Invest’s network of partnerships across the ecosystem – including other corporate investors, accelerators, leading academic institutions, and financial investors,” says Karl Lindoff, an Investment Associate at Ventures and New Business at ���ϲ�����.

As the OEM industry as a whole is under increasing pressure to measure, reduce, and ultimately address Scope 3 emissions (emissions across ���ϲ�����’s value chain including customer usage of our products). Neutreeno, a spin-off from the University of Cambridge with promising technology to meet these needs, quickly caught the team’s interest.

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Leveraging the expertise of ���ϲ�����’s internal sustainability teams, the investment team quickly recognised that any truly disruptive solution in this space must go beyond simply quantifying Scope 3 emissions.

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“It was also important for us that the solution should provide granular insights and actionable recommendations, enabling ���ϲ����� to optimise the company’s value chains and drive tangible decarbonisation efforts. Neutreeno matched all these requirements,” says Lindoff’s colleague My Ewrelius Ryde, another Investment Associate at Ventures and New Business at ���ϲ�����.

Following a thorough due diligence process, the investment team became convinced that Neutreeno could bring strong strategic value to ���ϲ�����’s mission of building a sustainable transport system for the future.

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“What sets Neutreeno apart is its ability to map up to 90 percent of ���ϲ�����’s Scope 3 emissions using as little as 10 percent of the supplier data: a remarkable level of efficiency and precision,” says Lindoff.

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“This way, Neutreeno represents more than just a strategically aligned investment,” adds Ewrelius Ryde. “It also exemplifies how ���ϲ����� Invest can generate tangible strategic returns for ���ϲ�����’s core business, while also contributing to the development of technologies and businesses that will help decarbonise entire industries and securing strong financial returns to ���ϲ�����.”