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Lyten Seals Deal for Northvolt’s Sweden and Germany Gigafactories

Having secured binding agreements for Northvolt Ett, Labs and Drei, the California firm plans to restart European gigafactories next year.

A view of Northvolt factory after the Swedish battery manufacturer filed for bankruptcy, in Skelleftea, Sweden, March 12, 2025. TT News Agency/Jonas Westling via REUTERS/File Photo
A man stands in front of the Northvolt Ett factory in Skelleftea, Sweden, November 27, 2024. REUTERS/Marie Mannes/File Photo
Northvolt logo is displayed at the battery manufacturer's office, after the company's bankruptcy announcement, in Stockholm, Sweden, March 12, 2025. TT News Agency/Jonas Ekstromer via REUTERS/File Photo
Northvolt Ett, the company's flagship Sweden gigafactory, which Lyten has acquired. Image: Northvolt.

Overview

  • Lyten has agreed to acquire Northvolt Ett, Northvolt Labs, Northvolt Drei and all remaining intellectual property from the bankrupt Swedish battery maker.
  • The assets represent roughly 16 GWh of operational capacity at Ett and over 15 GWh under construction after more than $5 billion in Northvolt investment.
  • The startup aims to restart production at its Sweden and Germany facilities and deliver lithium-ion battery cells in 2026.
  • Several former Northvolt executives, excluding founder Peter Carlsson, are joining Lyten to support its transatlantic expansion.
  • Building on July’s purchases of Northvolt Dwa and Cuberg, Lyten is pursuing Northvolt Six in Quebec to further broaden its battery technology footprint.