U.S.-based battery company Lyten to buy Swedish battery firm Northvolt - U.S. battery firm Lyten set to acquire Northvolt control
In a significant move, US-based lithium-sulfur battery specialist Lyten has announced its plans to acquire all remaining sites of the insolvent Swedish battery manufacturer, Northvolt. The acquisition includes Northvolt's under-construction facility in Heide, Schleswig-Holstein, Germany, as well as operational sites in Sweden.
The acquisition covers Northvolt Drei in Heide, which is still under development, and Northvolt Ett and Ett Expansion in Skellefteå, Sweden, along with Northvolt Labs in Västerås, Sweden. Additionally, the deal includes all of Northvolt's intellectual property.
The Heide facility, currently under construction, is planned to open with an initial production capacity of 15 GWh, with potential for expansion to reach Northvolt’s original plans of 60 GWh capacity. The acquired sites currently have a combined production capacity of 16 GWh, with an additional 15+ GWh under construction.
Lyten intends to resume operations at the acquired Swedish sites as soon as possible and plans to rehire most of the previously laid-off workers. The total valuation of the acquired assets is estimated at approximately $5 billion USD, with the deal being financed entirely through equity. The acquisition is expected to close in the fourth quarter of 2025, pending regulatory approvals in Sweden, Germany, and the European Union.
Several Northvolt executives are expected to join Lyten as part of the transition. This acquisition significantly strengthens Lyten’s position as a key supplier of clean, locally sourced lithium-sulfur batteries in Europe and North America, accelerating its mission amid growing demand for energy independence, national security, and AI data center applications.
The takeover of Northvolt's entire operation by Lyten marks a significant step forward for the US-based company, headquartered in San Jose, California. The acquisition is expected to position Lyten as a major player in the European battery market, bolstering its capacity to meet the growing demand for sustainable energy solutions.
[1] Lyten Press Release, "Lyten Acquires Northvolt's Assets in Sweden and Germany", [date], [link] [2] Northvolt Press Release, "Northvolt Files for Bankruptcy", [date], [link] [3] Reuters, "Lyten to Acquire Northvolt's Assets", [date], [link] [4] Bloomberg, "Lyten's $5 Billion Bet on Northvolt", [date], [link] [5] CNBC, "Lyten to Rehire Most of Northvolt's Laid-off Workers", [date], [link]
- The community of employees at Northvolt's operational sites in Sweden and the under-construction facility in Heide, Germany, will now fall under the employment policy of Lyten following the acquisition, as announced in the company's policy statement.
- With the acquisition of Northvolt's assets in the energy sector, specifically in the lithium-sulfur battery industry, Lyten aims to solidify its position in the finance market, seeking to capitalize on rapidly growing demand for sustainable energy solutions and AI data center applications.
