Acquisition of Residual Northvolt Assets in Sweden and Germany by Lyten
Lyten Acquires Northvolt's Remaining Assets, Reinforcing its Position as a Leading Clean Battery Supplier
Lyten, the global leader in lithium-sulfur batteries, has entered into a binding agreement to acquire Northvolt's remaining assets in Sweden and Germany. The acquisition includes the Northvolt Ett gigafactory and its expansion in Skellefteå, Northvolt Labs in Västerås, and the Northvolt Drei gigafactory project in Heide, Germany.
Upon close of the transaction, expected in late 2025, Lyten plans to immediately restart operations in Skellefteå and Västerås, and Northvolt Drei to support rapidly growing demand for Lyten's batteries and energy storage systems (BESS) in more than 20 countries. The deal brings them 16 GWh of existing battery manufacturing capacity, over 15 GWh under construction, and infrastructure scalable beyond 100 GWh.
The acquisition supports Lyten’s strategy to meet growing demand driven by energy independence, national security needs, and emerging markets like AI data centers. Lyten also intends to maintain and possibly grow Northvolt’s lithium-ion battery production capabilities while expanding their lithium-sulfur battery business.
In addition to the European assets, Lyten has announced the acquisition of Northvolt's Cuberg battery manufacturing facility in California, Northvolt Dwa in Poland, and Northvolt's BESS product and IP portfolio. The company is also pursuing the acquisition of Northvolt Six in Quebec, Canada, a 15 GWh battery manufacturing facility currently under construction, signaling broader international expansion in battery production.
Dan Cook, Lyten CEO and Co-Founder, stated that this acquisition is a defining moment for Lyten. He mentioned that the demand for Lyten lithium-sulfur batteries is growing exponentially to meet energy independence, national security, and AI data center needs. Ebba Busch, Deputy Prime Minister of Sweden, also expressed her support for the deal, stating that it is a win for Sweden, for the former employees of Northvolt, and for positioning Sweden as key to Europe’s energy independence.
Mikael Kubu, Northvolt's Bankruptcy Trustee, has expressed pleasure at finding a buyer committed to continuing operations and resuming battery production. He mentioned that the risk of a complete shutdown during the bankruptcy process was a concern, which could have resulted in significant destruction of value.
Lyten is actively progressing discussions with Northvolt North America, the Government of Canada, the Government of Québec, and other key local stakeholders. The company is also preparing to launch its lithium-sulfur batteries onto the International Space Station in the coming months.
In summary, Lyten’s current status is an advanced stage of acquiring and integrating Northvolt’s core European assets with plans to revive and expand battery production and innovation facilities, reinforcing their position as a leading clean battery supplier focused on lithium-sulfur technology, energy storage solutions, and strategic market segments.
- The acquisition of Northvolt's assets will reinforce Lyten's position in both the finance and energy sectors, as they aim to meet growing demand for their batteries and energy storage systems in multiple countries.
- To expand its business in the industry, Lyten is pursuing international acquisitions, such as the planned acquisition of Northvolt Six in Quebec, Canada, as well as continued development of their advanced lithium-sulfur battery technology.
