Lyten Energy, the US lithium-sulphur battery maker, has announced it has entered into binding agreements to acquire most of the assets from the bankrupt battery maker Northvolt in Sweden and Germany.
This includes the Northvolt Ett and Ett Expansion, Northvolt Labs, Northvolt Drei, and all remaining intellectual property (IP). These assets were valued at approximately $5 billion and includes 16 GWh of operational battery production capacity and over 15 GWh under construction. It also includes the infrastructure and plans to scale to more than 100GWh, as well as the battery R&D centre in Västerås, Sweden.
The financial terms of the agreement have not been disclosed by any of the parties involved.
The firm plans to rehire some of the workforce that had been previously laid off at these facilities, and it said staffing levels will be assessed site-by-site. It also plans on restarting operations at Ett and Labs upon close of the transaction, which is expected in Q4 2025.
“This is a defining moment for Lyten,” stated 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.”
Ebba Busch, Deputy Prime Minister of Sweden, said: “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.”
Image: Lyten is to acquire most of the Northvolt assets. Credit: Lyten.
