U.S.-based battery start-up Lyten has announced the acquisition of most of the assets of bankrupt EV battery manufacturer Northvolt, with plans to immediately restart operations and accelerate battery production capacity, both for electric vehicles and beyond.

The deal follows Lyten’s recent purchases of Northvolt’s Cuberg battery facility in California, in November 2024, and Northvolt Dwa, Europe’s largest Battery Energy Storage System plant in Gdansk, in July 2024.

This latest agreement includes Northvolt Ett, the Swedish gigafactory in Skellefteå and its expansion project, the Northvolt Labs innovation campus, Germany’s planned Northvolt Drei gigafactory, and all remaining intellectual property. In total, the acquisition represents 16 GWh of existing battery production capacity, over 15 GWh under construction, and infrastructure with the potential to scale to more than 100 GWh.

Northvolt’s collapse came amid a slowdown in European EV demand and production challenges at its Ett plant, reportedly caused by mismanagement and issues with Chinese machinery.

In the context of this acquisition, Lyten plans to rehire a significant portion of Northvolt’s laid-off workforce and integrate members of the current executive team. The company is also in discussions with Canadian authorities to continue Northvolt’s plans for a battery plant in Quebec.

Funded entirely through private equity investment, the acquisition is expected to close in the fourth quarter of 2025, pending approvals from Swedish and German authorities. Lyten CEO described the move as “a defining moment,” emphasizing that the acquisition will accelerate its mission to supply clean, locally manufactured batteries in North America and Europe, just as demand for its lithium-sulfur batteries surges to meet needs in energy independence, national security, and AI data centers.

Source:

https://www.esgtoday.com/lyten-acquires-bankrupt-battery-giant-northvolt/

https://www.ft.com/content/10c55f96-5a2c-4cf0-91d2-5915380edf86