California-based Lyten has signed a binding agreement to acquire nearly all remaining assets of failed European battery firm Northvolt, including its Swedish and German gigafactories and all remaining intellectual property. In the deal, announced on Thursday, the company confirmed it would take over Northvolt Ett, Northvolt Labs, and Northvolt Drei, including projects developed with more than $5 billion in capital investment.
According to Energy-Storage.news, the assets include 16GWh of operational lithium-ion capacity at Ett, with an additional 15GWh still under construction at Drei. Lyten plans to immediately restart production at Ett and the adjacent R&D complex, while continuing construction in Germany. Several Northvolt executives are expected to join Lyten as part of the transition, the Financial Times reported.
Northvolt, once the EU’s flagship battery champion, filed for bankruptcy in the U.S. in late 2024 and in Sweden this March. Its collapse followed escalating delivery delays, cost overruns, and financing shortfalls. At its peak, the company had raised more than $10 billion and was considered central to Europe’s energy storage ambitions, according to Reuters.
This latest deal follows Lyten’s earlier acquisition of Northvolt’s Polish energy storage division, Northvolt Dwa, as well as the California-based lithium-metal battery firm Cuberg. The company now controls nearly all of Northvolt’s former assets. Per Energy-Storage.news, Lyten’s chief business officer Keith Norman said lithium-ion deliveries from Dwa will begin in Q4, with plans to later integrate lithium-sulfur chemistry based on demand.
Lyten is also in talks with Canadian officials to acquire Northvolt Six, a Quebec-based facility with integrated cell, cathode, and recycling lines. A $200 million funding round completed in July will help finance the acquisition, restart manufacturing, and support the company’s lithium-sulfur transition roadmap.
By Charles Kennedy for Oilprice.com
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