August 8, 2025: Lithium sulfur developer Lyten has agreed a deal to acquire Northvolt’s remaining assets in Sweden and Germany, the troubled battery firm revealed on August 7.
Northvolt, which filed for bankruptcy in Sweden in March, said both sides had entered into a binding agreement, with the acquisition including Sweden-based Northvolt Ett, Ett Expansion and Northvolt Labs, plus Northvolt Drei in Germany.
Financial terms of the deal, which includes the acquisition of all remaining Northvolt intellectual property, were not disclosed.
“This is a defining moment for Lyten,” said Dan Cook, Lyten CEO and co-founder.
“Lyten’s mission is to be the leading supplier of clean, locally sourced and manufactured batteries and energy storage systems in both North America and Europe.”
He said the deal would accelerate Lyten’s mission “by years”, as demand for Li-S batteries is growing.
Ebba Busch, Sweden’s deputy prime minister, said the government fully supported the deal.
Northvolt’s bankruptcy trustee Mikael Kubu said: “During the bankruptcy process, the risk of a complete shutdown was very real, which would have resulted in significant destruction of value.
“Now, Lyten has the opportunity to carry forward Northvolt’s vision of European energy independence, clean battery production, and job growth in Sweden, Europe, and North America.”
Lyten has previously announced the acquisition of three other Northvolt assets. In November 2024, the group acquired Northvolt’s Cuberg battery manufacturing facility in California.
In early July, Lyten announced the acquisition of Northvolt Dwa, Europe’s largest BESS manufacturing facility in Poland, in a deal that should close later in August.
Late July, Lyten acquired Northvolt’s BESS product and IP portfolio.
Lyten plans to immediately restart operations in Sweden upon close of the transaction and said collaboration with Northvolt’s previous key customers was progressing.
Lyten also plans an immediate restart of Northvolt Dwa once the deal is finalized.
At Northvolt Drei, Lyten said it is working with Northvolt and the German government to continue the program to establish a battery manufacturing facility in Schleswig-Holstein, with 15 GWh of initial capacity.
Meanwhile, Lyten is committed to also acquiring Northvolt Six in Quebec, where a 15 GWh phase 1 battery manufacturing facility is under construction.
Lyten manufactures Li-S batteries in Silicon Valley and said its multi-billion US dollar pipeline of orders includes sales into the rapidly growing drone and defence markets.
Batteries International reported last October that Lyten planned to invest more than $1 billion to build the world’s first Li-S battery gigafactory in a move that could help break US dependence on China for metals crucial for the energy transition.
