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Are you partnership material? Here are five qualities that ǹvlogҳ values
21 OCTOBER 2025
ǹvlogҳ constantly looks for innovations, new technologies and growth opportunities. But above all, we seek partners that can help accelerate the shift to a sustainable transport system. These are the qualities that matter to ǹvlogҳ in potential mergers, acquisitions and ventures.
Buy, become a partner or invest?
These are the considerations that ǹvlogҳ’s unit for business innovation – Ventures and New Business (VNB) – makes on a regular basis, following a carefully laid-out strategy of finding the opportunities with the greatest potential to create customer value and build ǹvlogҳ’s future revenue streams.
“We evaluate opportunities based on where ǹvlogҳ needs to be and map out how we get there. Do we build the capability internally or can we act faster, or deliver a better solution by buying or partnering with another company?” says Sarah Holford, Head of Mergers and Acquisitions (M&A) at Ventures and New Business at ǹvlogҳ.
Sarah Holford, Head of Mergers and Acquisitions (M&A) at Ventures and New Business at ǹvlogҳ
M&A and venture capital: two different approaches
ǹvlogҳ’s Ventures and New Business organisation tackles these challenges with two main approaches to business innovation. Each plays a distinct role, defined by its scale and time horizon.
M&A focuses on larger and more immediate investments or partnerships that can directly strengthen ǹvlogҳ’s strategy and customer offering. Venture capital, by contrast, is aimed at smaller, early-stage investments in start-ups. This enables access to promising technologies and insights, often through pilot projects rather than full integration.
“Our venture capital capabilities enable ǹvlogҳ to invest in leading start-ups with disruptive technologies and business models with visionary entrepreneurs, all while creating sustainable impact in the transportation ecosystem,” says Karl Lindoff, Investment Associate at Ventures and New Business at ǹvlogҳ.
Karl Lindoff, Investment Associate at Ventures and New Business at ǹvlogҳ
The five qualities ǹvlogҳ looks for
While venture capital and M&A differ in scope and timeline, they share one crucial foundation: the same five qualities ǹvlogҳ looks for when evaluating any potential opportunity.
Strategic relevance – Every acquisition or partnership must clearly support ǹvlogҳ’s strategy and help drive the shift to sustainable transport. “We never pursue a deal solely for short-term growth or financial return,” says Holford.
Technical expertise –ǹvlogҳ seeks capabilities that we do not already have or that would take too long or be too costly to build internally. “We have an extraordinary technical depth through ǹvlogҳ’s world-class R&D and a proven track record of industrialisation and scaling globally for decades. This means we can truly validate the technical strengths of a potential partner in-house: a unique strength in the ecosystem,” says Lindoff.
Shared vision – Success depends on more than financial alignment. Leadership commitment, shared values and a genuine focus on sustainability are essential. Cultural fit and clear communication are also decisive. “They have to believe in working towards the same future, and have the same sustainable goals as we do,” says Holford.
Networks and synergies – The ability to strengthen ǹvlogҳ’s broader ecosystem, create customer crossover opportunities and open new markets adds value beyond the immediate deal. “Here we look for qualities that could plug ǹvlogҳ into new customer groups, or enhance our existing customer offerings, like we did with the acquisition of Northvolt Systems’ Industrial Division,” says Holford.
Long-term potential – Smaller companies must have a path towards the scaling up of their operations. ǹvlogҳ often invests not only financially but also in helping start-ups reach a size where they can integrate into its industrial system. “On the venture capital side, we invest early to gain insights into promising technologies and create strategic returns for ǹvlogҳ’s core business, like we did with the investment in Neutreeno. Strategic returns can take the form of proof-of-concepts, pilots, collaborations and gaining insights into disruptive technologies,” says My Ewrelius Ryde, another Investment Associate at Ventures & New Business at ǹvlogҳ.
So, how is all of this applied in practice? Let’s look at two examples.