U.S. battery maker Lyten has acquired the remaining assets of bankrupt Swedish firm Northvolt, reigniting hopes for European battery production. The deal includes facilities in Sweden and a planned factory in Germany, marking a major shift after Northvolt's collapse earlier this year due to weakening EV market demand.
American battery start-up Lyten has stepped in to acquire the assets of Swedish battery manufacturer Northvolt, which was declared bankrupt earlier this year. The acquisition includes Northvolt’s existing plant and its research and development center in Sweden. Financial details remain undisclosed, although the assets are reportedly worth around $5 billion.
Northvolt’s bankruptcy had dashed Europe’s aspirations to build a homegrown rival to dominant Chinese battery manufacturers. Struggling with softened demand for electric vehicle (EV) batteries, Northvolt was unable to sustain its operations, signaling broader uncertainty in the European EV sector.
Lyten’s acquisition not only revives part of Northvolt’s infrastructure but also expands its European footprint. The U.S. firm announced plans to continue Northvolt’s projected battery factory in Germany, in collaboration with the German government. This move could provide a much-needed boost to Europe’s battery supply chain ambitions.
