Lyten to buy NorthVolt assets out of bankruptcy
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US startup Lyten is to buy the assets of collapsed battery maker NorthVolt.
The acquisition includes Northvolt Ett and Ett Expansion in Skelleftea, Sweden as well as Northvolt Labs in Västeras, Sweden and Northvolt Drei in Heide, Germany. Lyten is also acquiring all remaining Northvolt intellectual property around lithium ion battery cells and production.
The value of the deal was not disclosed, but Lyten raised $200m of extra financing at the end of July. NorthVolt had raised a total of $13bn in equity and loans since it started in 2016 to build lithium ion battery gigafactories in Europe and Canada.
Lyten however is focussed on lithium sulfur chemistry, and is looking to use the factories and talent to boost its existing business as well as move into the market for storage systems based on lithium ion chemistry.
The company plans to immediately restart operations in Skellefteå (Ett) and Västerås (Labs) upon the close of the transaction later this year and is working with Northvolt’s prior anchor customers who ordered lithium ion cells. It also plans to restart Northvolt Dwa upon close of the transaction to support rapidly growing demand for BESS storage systems.
- The sunset of NorthVolt
- NorthVolt sells industrial division for $6m
- Volvo Cars takes over battery joint venture
“This is a defining moment for Lyten,” said Dan Cook, Lyten CEO and Co-Founder. “Lyten’s mission is to be the leading supplier of clean, locally sourced and manufactured batteries and energy storage systems in both North America and Europe. The acquisition of Northvolt’s assets brings the facilities and Swedish talent to accelerate this mission by years, just at the moment when demand for Lyten lithium-sulfur batteries is growing exponentially to meet energy independence, national security, and AI data centre needs.”
Politicians are breathing a sigh of relief after the collapse of the well-funded startup back in March.
“Lyten’s acquisition of the Northvolt assets is a win for Sweden, for the former employees of Northvolt, and for positioning Sweden as key to Europe’s energy independence. We have been working closely with the Trustee and Lyten to fully support this deal and we are excited to work with Lyten moving forward to make good on the immense potential of these assets,” said Ebba Busch, Deputy Prime Minister of Sweden.
“During the bankruptcy process, the risk of a complete shutdown was very real, which would have resulted in significant destruction of value. Now, Lyten has the opportunity to carry forward Northvolt’s vision of European energy independence, clean battery production, and job growth in Sweden, Europe, and North America,” said Mikael Kubu, Northvolt’s Bankruptcy Trustee.
Current acquisitions
Lyten has already been buying up other assets. In November 2024, Lyten acquired Northvolt’s Cuberg battery manufacturing facility in California. In early July, Lyten announced the acquisition of Northvolt Dwa, Europe’s largest Battery Energy Storage System (BESS) manufacturing facility, located in Dwa, Poland and expected to close in August.
In late July, Lyten acquired Northvolt’s BESS product and IP portfolio.
At Northvolt Drei, Lyten is working with Northvolt and the German government to continue the program to establish a battery manufacturing facility near Heide in Schleswig-Holstein, with 15 GWh of initial capacity. Lyten is also committed to pursuing the acquisition of Northvolt Six in Quebec, Canada, which is constructing a 15 GWh Phase 1 battery manufacturing facility. Lyten is actively progressing discussions with Northvolt North America, the Government of Canada, the Government of Québec and other key local stakeholders.
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