US-based Lyten to acquire Northvolt’s all remaining assets in Sweden and Germany, plans to rehire most of the previously laid-off workforce

US-based Lyten, a supermaterial applications company,  has announced a deal to buy 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).

“This is a defining moment for Lyten,” states 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 centre needs.”

Additionally, Lyten is acquiring all remaining Northvolt intellectual property (IP), and multiple members of the current Northvolt executive team plan to join Lyten.

The financial terms of the agreement were not disclosed by any parties.

The announcement comes over a month after acquiring Northvolt’s Dwa Energy Storage Systems (ESS) operations in Gdansk, Poland.

Before that, in November 2024, Lyten acquired Northvolt’s Cuberg battery manufacturing facility in California.

Valued around $5B

In total, Lyten’s acquisition includes assets valued at approximately $5B, 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.

Additionally, it includes the largest and most advanced battery research and development centre in Europe, located in Västerås.

This acquisition is being 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.

The company 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.

Additionally, the company plans to immediately restart Northvolt Dwa upon close of the transaction to support the rapidly growing demand for Lyten BESS in more than 20 countries.

Consequently, the company plans to rehire a significant portion of the previously laid-off workforce at these facilities and will assess staffing needs site by site.

Ebba Busch, Deputy Prime Minister of Sweden, states, “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.”

Eyes on Northvolt Six in Quebec

In addition to it, Lyten also aims to acquire Northvolt Six in Quebec, Canada, which is constructing a 15 GWh Phase 1 battery manufacturing facility.

Lyten is actively progressing discussions with Northvolt North America, the Government of Canada, the Government of Québec and other key local stakeholders.

“The demand for European and North American-made batteries is only growing,” adds 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 fulfil Europe and North America’s battery manufacturing ambitions,” adds Herlitz

Lyten: Supermaterial applications company

Founded in 2015, Lyten has built a proprietary materials platform, called Lyten 3D Graphene, that it uses to build better-performing, lower-cost, and decarbonising products, including its next-generation lithium-sulphur battery.

Lyten’s corporate headquarters are in San Jose, CA, and the European headquarters are in Luxembourg.

The company lists more than 520 patents granted or pending and is currently manufacturing in San Jose, CA.

In 2024, Lyten announced it would be part of Chrysler’s Halcyon Concept electric vehicle. They also plan to use lithium-sulfur technology in AEVEX Aerospace’s unmanned aerial vehicles.

“Lyten is a leader in the energy storage industry. As energy becomes a national security priority, from data centres to micro-grids, I’m proud to help secure a sustainable transformation of Germany’s infrastructure and data economy,” states Sem M. Köksal, Lyten Advisor and CEO of Gsl Holding GmbH.