US-based Lyten intends to buy out bankrupt battery maker Northvolt
Bankrupt Swedish battery manufacturer Northvolt may get a second chance. US company Lyten plans to buy all remaining European assets of Northvolt, including the plant under construction in Germany.
Here's What We Know
Lyten and Northvolt have crossed paths before: in November last year Lyten acquired Northvolt's California operations through its Cuberg subsidiary, and in July 2025 it acquired Northvolt Dwa ESS in Gdansk, Poland, which specialises in stationary energy storage systems.
Lyten is now targeting full control of Northvolt's European business. The sites in question are the following:
- Northvolt Ett and Ett Expansion in Shellefteå, Sweden;
- Northvolt Labs in Westeros (Sweden);
- Northvolt Drei in Heide (Germany).
The Americans will also receive all rights to Northvolt's intellectual property, and part of the Swedish company's management team will move to Lyten. Lyten is also in talks to acquire Northvolt Six in Quebec, Canada, where a 15 GW∙year plant is under construction. Discussions with Canadian and regional authorities are ongoing.
Financial terms of the deal have not yet been disclosed. According to Lyten, the value of the assets to be acquired was previously estimated at around $5bn (€4.3bn), but it is unclear whether the company will pay exactly that amount. As part of the deal, Lyten will receive 16 GW∙year of existing capacity and a further 15 GW∙year under construction - this relates to the Hyde plant. Lyten's private investors will provide financing for the deal.
Lyten promises to rehire a significant number of laid-off employees and restart key facilities - the Northvolt Ett plant and the Northvolt Labs research centre - as soon as the deal closes, which is expected in the fourth quarter of 2025.
Lyten currently manufactures lithium-sulphur (Li-S) batteries in Silicon Valley for defence and UAV applications. Northvolt's speciality is NMC (Lithium-nickel-manganese-cobalt) batteries. What kind of batteries the European plants will produce after the deal closes is not specified.
Source: Lyten
