Superior supplies firm Lyten introduced an settlement to purchase many of the key property of bankrupt EV battery firm Northvolt, with plans to restart operations and to proceed the enlargement of battery manufacturing capability, citing alternatives past electrical autos, together with offering power options for knowledge facilities.
The settlement, which follows earlier Northvolt asset acquisitions by Lyten, embrace the Northvolt Ett gigafactory in Northern Sweden, and its enlargement venture, Ett enlargement, the Northvolt Labs battery innovation campus, additionally in Sweden, in addition to the Germany-based gigafactory venture Northvolt Drei, and all of Northvolt’s remaining mental property.
The acquisition contains 16 GWh of current battery manufacturing capability, greater than 15 GWh of capability below building, in addition to infrastructure and plans to scale to greater than 100 GWh. Phrases of the transaction weren’t disclosed, however Lyten famous that the property had been beforehand valued at roughly $5 billion.
Stockholm-based Northvolt introduced in March that it had filed for chapter, marking a significant downfall for some of the bold endeavors to ascertain a European EV battery big. Based in 2016, Northvolt was established with a aim to develop the “world’s greenest battery,” concentrating on a minimal carbon footprint, sustainable sourcing of uncooked supplies and recycling. The corporate raised over $14 billion in capital, however confronted a sequence of challenges, together with a major downshift in EV demand in Europe, in addition to rising capital prices, geopolitical instability and provide chain disruptions.
Lyten has beforehand introduced agreements to accumulate Northvolt’s Cuberg battery manufacturing facility in California in November 2024, and Northvolt Dwa, Europe’s largest Battery Vitality Storage System (BESS) manufacturing facility, situated in Gdansk, Poland, in July 2024, and final month, the corporate introduced the acquisition of the Northvolt Dwa Battery Vitality Storage System (BESS) product portfolio in Stockholm.
Lyten mentioned that it plans to instantly restart operations at Northvolt Ett and Labs upon shut of the transaction, and that it’s working with the German authorities to proceed this system to ascertain a battery manufacturing facility with 15 GWh of preliminary capability. The corporate added that collaboration with Northvolt’s prior anchor prospects is progressing constructively, and that it plans to rehire a good portion of the beforehand laid-off workforce on the acquired services, whereas a number of members of the present Northvolt government workforce plan to affix Lyten as nicely.
Moreover, Lyten mentioned that it’s dedicated to pursuing the acquisition of Northvolt Six in Quebec, Canada, which is developing a 15 GWh battery manufacturing facility, with energetic discussions progressing with Northvolt North America, the Authorities of Canada, the Authorities of Québec, and different stakeholders.
Lyten mentioned that the brand new acquisition is being totally funded by means of fairness funding into the corporate from non-public traders, and that it expects the acquisitions to shut within the fourth quarter of this yr, topic to authorities approvals.
Dan Prepare dinner, Lyten CEO and Co-Founder, mentioned:
“It is a defining second for Lyten. Lyten’s mission is to be the main provider of unpolluted, domestically sourced and manufactured batteries and power storage methods in each North America and Europe. The acquisition of Northvolt’s property brings the services and Swedish expertise to speed up this mission by years, simply in the mean time when demand for Lyten lithium-sulfur batteries is rising exponentially to satisfy power independence, nationwide safety, and AI knowledge heart wants.”
