Lyten, the global leader in lithium-sulfur batteries, announced the signing of a binding agreement to acquire Northvolt’s remaining operations 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 is acquiring all remaining Northvolt intellectual property (IP), and several members of Northvolt’s management team plan to join Lyten. Financial terms of the deal were not disclosed by either party.
“This is a defining moment for Lyten,” said Dan Cook, CEO and Co-founder of Lyten. “Lyten’s mission is to be the leading provider of locally sourced and manufactured batteries and energy storage systems in both North America and Europe. The acquisition of Northvolt’s assets brings Swedish facilities and talent to accelerate this mission by years, just as demand for Lyten’s lithium-sulfur batteries is experiencing exponential growth to meet energy independence, national security, and the needs of AI data centers.”
In total, the Lyten acquisition comprises assets valued at approximately $5 billion, including 16 GWh of existing battery manufacturing capacity, more than 15 GWh of capacity under construction, infrastructure and plans to scale to more than 100 GWh, as well as Europe’s largest and most advanced battery R&D center (Västerås).
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Lyten plans to reintegrate a significant portion of the previously laid-off workforce into these facilities and will assess staffing needs at each location. Lyten sees significant value in retaining local expertise and is committed to creating long-term employment opportunities as we restart and scale operations.
Ebba Busch, Deputy Minister of State of Sweden, said, “Lyten’s acquisition of Northvolt’s assets is a victory for Sweden, for former Northvolt employees, and for Sweden’s positioning as a key player in Europe’s energy independence. We have worked closely with the Trustee and Lyten to fully support this deal and are excited to work with Lyten in the future to unlock the immense potential of these assets.”
SOURCE: Businesswire