Swedish battery company Northvolt is sold to Lyten in bankruptcy proceedings.
In a significant move, US-based battery company Lyten has announced the acquisition of Northvolt's assets in Skellefteå, Sweden, and Heide, Germany, along with Northvolt Labs in Västerås, Sweden. This deal includes Northvolt Ett and Ett Expansion in Skellefteå, Northvolt Drei in Heide, and all remaining Northvolt intellectual property.
The acquisition is financially significant, as it involves taking control of over $5 billion worth of strategic battery manufacturing infrastructure. This includes 16 GWh of existing battery production capacity and more than 15 GWh under construction, with the potential to scale beyond 100 GWh.
Strategically, this acquisition strongly positions Lyten as a leading supplier of advanced lithium-sulfur batteries in both Europe and North America. The inclusion of Northvolt Labs—the most advanced battery R&D center in Europe—strengthens Lyten’s innovation capabilities. Moreover, acquiring Northvolt’s remaining IP and key executive personnel further boosts Lyten’s technology portfolio and expertise.
Lyten expects this combination to fulfill Europe and North America's battery manufacturing ambitions. The company, which currently manufactures lithium-sulfur batteries in Silicon Valley and is expanding into other markets, aims to restart operations immediately, preserving industrial capacity and jobs in Europe. This is vital for maintaining regional competitiveness in the rapidly growing battery market.
The acquisition also complements Lyten’s transatlantic ambitions, with potential expansions into facilities like Northvolt Six in Québec, Canada.
Key Aspects of the Acquisition
- Financial: Acquisition of over $5 billion in assets, including 16 GWh current capacity + 15 GWh under construction, scalable to 100+ GWh.
- Manufacturing: Immediate control over multiple gigafactories and expansion projects in key European locations.
- Innovation: Access to Northvolt Labs, one of Europe's foremost battery R&D centers, plus all remaining IP.
- Strategic: Positions Lyten as a leader in lithium-sulfur battery tech, accelerating growth for energy storage and EV markets.
- Industrial/Economic: Maintains vital European industrial infrastructure and workforce, supporting regional energy security goals.
- Expansion: Supports Lyten’s global footprint with plans beyond Europe, including Northvolt Six in Canada.
Lars Herlitz, Chairman and Co-Founder of Lyten, expressed optimism about the combination of Northvolt's manufacturing assets and Lyten's lithium-sulfur battery technology. He previously stated that Northvolt's assets in Skellefteå and Germany would be a "perfect fit" for his company.
The deal is dependent on approvals from the Swedish and German governments, the EU, and various transactions funded by private investors. Key members of the current Northvolt executive team will be joining Lyten. The battery factory in Skellefteå can continue operations, which is significant for the people of the city and those who may get their jobs back. Lyten plans to rehire much of the workforce that had previously been laid-off. A press conference will be held in Skellefteå at 1030am on Friday, Swedish time.
This acquisition thus represents a pivotal move for Lyten to scale production rapidly, enhance its innovation capacity, expand market reach, and secure a leading position in the clean energy transition.
[1] Northvolt's Assets Valued at $5 Billion [2] Lyten to Acquire Northvolt's Assets [3] Lyten's Acquisition Boosts Innovation Capabilities [4] Lyten's Global Ambitions Expand with Northvolt Acquisition
- The acquisition of Northvolt's assets by Lyten is valued at $5 billion, adding significant technology and infrastructure to Lyten's portfolio.
- With the acquisition of Northvolt's assets, Lyten aims to boost its production capabilities, enhance technological expertise, and expand its market presence in both Europe and North America.
