Northvolt’s remaining assets to be acquired by Lyten

Lyten has entered into binding agreements to acquire Northvolt Ett and Ett Expansion, Northvolt Labs, Northvolt Drei, and all remaining Northvolt intellectual property. (Photo: Lyten)

Lyten, a San Jose, Calif.-based supplier of lithium-sulfur batteries, has entered into a binding agreement to acquire Northvolt’s remaining assets in Sweden and Germany.

The acquisition includes Northvolt Ett and Ett Expansion (Skellefteå, Sweden), Northvolt Labs (Västerås, Sweden), and Northvolt Drei (Heide, Germany). Additionally, Lyten will acquire all remaining Northvolt intellectual property. Financial terms 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. The acquisition of Northvolt’s assets brings the facilities and Swedish talent to accelerate this mission by years, just at the moment when demand for Lyten lithium-sulfur batteries is growing exponentially to meet energy independence, national security, and AI data center needs.”

Lyten said the acquisition includes assets valued at approximately $5 billion, including 16 GWh of existing battery manufacturing capacity, more than15 GWh of capacity under construction, the infrastructure and plans to scale to more than 100 GWh, and the largest and most advanced battery R&D center (Västerås) in Europe.

Lyten said it plans to rehire a significant portion of the previously laid-off workforce at these facilities and will assess staffing needs site by site. Lyten said it “sees substantial value in retaining local expertise and is committed to building long-term employment opportunities as we restart and scale operations.”

Multiple members of the current Northvolt executive team reportedly plan to join Lyten.

Sweden’s Deputy Prime Minister Ebba Busch said, “Lyten’s acquisition of the Northvolt assets is a win for Sweden, for the former employees of Northvolt, and for positioning Sweden as key to Europe’s energy independence. We have been working closely with the Trustee and Lyten to fully support this deal and we are excited to work with Lyten moving forward to make good on the immense potential of these assets.”

The acquisition is fully funded through equity investment into Lyten from private investors. The transactions are subject to appropriate Swedish and German governmental and European agency approvals. Lyten expects the acquisitions to close in the fourth quarter of this year.

Lyten has previously announced the acquisition of three other Northvolt assets. In November 2024, Lyten acquired Northvolt’s Cuberg battery manufacturing facility in San Leandro, Calif., to help meet the demand for American made batteries. In early July, Lyten announced the acquisition of Northvolt Dwa, Europe’s largest Battery Energy Storage System (BESS) manufacturing facility, located in Gdansk, Poland. The acquisition is expected to close in August 2025. And in late July, Lyten acquired Northvolt’s BESS product and IP portfolio.

Lyten said it plans to immediately restart operations in Skellefteå (Ett) and Västerås (Labs) upon close of the transaction and collaboration with Northvolt’s prior anchor customers is progressing constructively. Lyten plans to immediately restart Northvolt Dwa upon close of the transaction to support rapidly growing demand for Lyten BESS in more than 20 countries.

At Northvolt Drei, Lyten is working with Northvolt and the German government to continue the program to establish a battery manufacturing facility near Heide in Schleswig-Holstein, with 15 GWh of initial capacity.

Lyten said it is also committed to pursuing the acquisition of Northvolt Six in Quebec, Canada, which is constructing a 15 GWh Phase 1 battery manufacturing facility.

“The demand for European and North American made batteries is only growing,” said Lars Herlitz, Lyten chairman and co-founder. “The combination of Northvolt’s world-class manufacturing assets and low-cost clean energy, Lyten’s world leading lithium-sulfur battery technology, and Lyten’s U.S. battery materials supply chain creates the right formula to fulfill Europe and North America’s battery manufacturing ambitions.”

Founded in 2015, Lyten currently manufactures lithium-sulfur batteries in California’s Silicon Valley and is selling into the drone and defense markets. Lyten is also preparing to launch its lithium-sulfur batteries onto the International Space Station in the coming months and said it has a multi-billion-dollar pipeline for BESS powered by lithium-sulfur.

In April, Swedish truck and engine manufacturer Scania acquired Northvolt’s Industrial Div. The division’s production capabilities, research and development center and a team of approximately 260 employees were based at a leased production facility in Gdańsk, Poland, and an R&D center in Stockholm, Sweden. The Northvolt Industrial Division develops and manufactures battery systems for heavy industry and off-highway market segments and is now a partner to Scania’s Power Solutions business unit.