Lyten acquires key Northvolt assets valued at US$5bn

US lithium-sulfur battery startup Lyten expanded its manufacturing capabilities and intellectual property portfolio by acquiring the remaining assets in Sweden and Germany of Northvolt, the bankrupt Swedish battery maker that ceased production in June.

The acquisition, valued at a reported US$5bn, is aimed at capitalising on the growing demand for clean locally manufactured batteries in Europe and North America for energy independence, national security, and AI data centre demands.

“This brings the facilities and Swedish talent to accelerate our mission by years,” said Lyten CEO Dan Cook at a news conference on Friday.

The acquired facilities include Northvolt Ett, Ett Expansion and Northvolt Labs – home to Europe’s largest battery R&D centre in Sweden. Northvolt Drei in Germany, a 15 GWh battery manufacturing facility, is under construction and Lyten is collaborating with German authorities to advance the project.

The collaboration with Swedish and German governments, alongside European agency approvals, underscores the deal’s significance for regional energy goals.

“Lyten’s acquisition is a win for Sweden and positions it as key to Europe’s energy independence,” said Sweden’s Deputy Prime Minister Ebba Busch, in praising the deal.

These latest moves are part of Lyten’s broader acquisition strategy following its earlier purchase of Northvolt’s Cuberg battery manufacturing facility in California, US last November and Northvolt Dwa in Gdansk, Poland, a deal expected to close later this month. The company is also in discussions to acquire Northvolt Six in Quebec, Canada.

The company will review staffing needs at each facility and has pledged to rehire a significant portion of Northvolt’s former employees as it restarts and scales operations.