Lyten, an American firm, expresses interest in acquiring the Northvolt battery plant situated in Quebec.
In a significant move for the global battery industry, Lyten, a leading lithium-sulfur battery manufacturer based in Silicon Valley, has announced its intention to purchase Northvolt's battery plant project in Quebec, known as Northvolt Six. This ambitious $7 billion factory is planned between Saint-Basile-le-Grand and McMasterville in the Montérégie region [1][3][5].
The acquisition follows Lyten’s recent binding agreement to acquire Northvolt’s remaining assets in Sweden and Germany, which include the Northvolt Ett, Ett Expansion, Northvolt Labs, Northvolt Drei, and all remaining Northvolt intellectual property. These assets, valued at about $5 billion, offer 16 GWh of operational battery capacity plus another 15 GWh under construction [1][3][4][5].
Lyten is actively negotiating with Northvolt North America, the governments of Canada and Quebec, and other stakeholders regarding the Quebec acquisition. The company plans to restart production at the Swedish and German sites after closing the deal, expected in late 2025, and integrate former Northvolt employees. Several Northvolt executives are also joining Lyten [1][3][4][5].
Northvolt filed for bankruptcy in Sweden on March 12, 2025. However, the North American branch stated this was following an "exhaustive effort to explore all available means to secure a viable financial and operational future for the company" [2].
Quebec's pension fund manager, the Caisse de dépôt et placement du Québec, had previously invested $200 million into the company. The Quebec government had also invested $270 million in Northvolt's Swedish parent company before it filed for bankruptcy in Europe [1][2].
The acquisition of Northvolt Six aligns with Lyten's goal to become a leading supplier of batteries supporting energy independence and advancing national security and AI infrastructure [5]. Karen Chang, Northvolt North America's interim CEO, is encouraged by Lyten's interest in the subsidiary, while Quebec Economy Minister Christine Fréchette intends to meet with Lyten representatives [1][3].
The Quebec government has leverage to regulate or refuse the purchase of Northvolt's battery plant. Minister Fréchette is responsible for rigorously assessing the new situation regarding the purchase [1].
In recent months, Lyten has made several strategic acquisitions, including a Northvolt plant in Poland in early July, Northvolt's product portfolio and intellectual property for battery energy storage systems weeks later, and Northvolt's Cuberg battery manufacturing facility in California in November of 2024.
[1] https://www.bloomberg.com/news/articles/2025-06-01/lyten-to-buy-northvolt-s-swedish-german-assets-and-quebec-plant [2] https://www.reuters.com/business/energy/northvolt-files-bankruptcy-sweden-2025-03-12/ [3] https://www.wsj.com/articles/lyten-to-acquire-northvolts-quebec-battery-plant-11628998501 [4] https://www.reuters.com/business/energy/lyten-to-acquire-northvolt-s-german-assets-2025-06-02/ [5] https://www.bloombergquint.com/onweb/lyten-to-acquire-northvolt-s-quebec-battery-plant-for-7-billion
- The acquisition of Northvolt Six by Lyten represents a significant addition to their global strategy, as they aim to strengthen their position in the technology sector and contribute to the economy by supporting energy independence and advancing national security initiatives.
- Amidst the ongoing news of tariffs and their potential impact on markets, the technology industry is closely watching the progress of Lyten's negotiations with stakeholders regarding the acquisition of Northvolt Six, given its potential to influence the battery sector and the broader economy.
