Ubuntu: grub2 info 'error: No video mode activated' at startup

I found a solution to the 'error: No video mode activated' problem and it seems it was caused by the fact that grub2 could not access fonts - which were located on an encrypted root disk under /usr/share/grub. Grub was located on the separate, unencrypted /boot partition. In order to solve the issue I copied the font .pf2 files into the /boot/grub directory:

# cp /usr/share/grub/*.pf2 /boot/grub/