Lyten acquires Northvolt

Lyten acquires Northvolt

Lyten, a global leader in lithium-sulphur batteries has entered into a binding agreement to acquire Northvolt’s assets in Sweden and Germany. The acquisition includes Northvolt Ett and, Northvolt Labs in Sweden and Northvolt Drei in Germany. Additionally, Lyten is acquiring all remaining Northvolt intellectual property. The financial terms of the agreement were not disclosed. In total, Lyten’s acquisition includes assets valued at approximately $5 billion, including 16 GWh of existing battery manufacturing capacity, more than 15 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 centre in Europe.

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

“This is a defining moment for Lyten,” stated 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-sulphur batteries is growing exponentially to meet energy independence, national security, and AI data centre needs.”

The acquisition is being funded through equity investment into Lyten from private investors. Lyten expects the acquisitions to close in the fourth quarter of this year. The company says that 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. Lyten currently manufactures lithium-sulphur batteries in Silicon Valley and is selling commercially into the rapidly growing drone and defence markets.