Acquiring All Northvolt Assets in Sweden and Germany by Lyten Announced
In a significant move, global lithium-sulfur battery powerhouse Lyten has entered into a binding agreement to acquire Northvolt's remaining assets in Sweden and Germany. The acquisition, valued at approximately $5 billion, encompasses 16 GWh of existing battery production capacity, over 15 GWh under construction, and infrastructure with potential to scale beyond 100 GWh.
The deal marks a key growth phase for Lyten, positioning it as a leading supplier of clean, locally manufactured batteries across North America and Europe. The acquisition is expected to close in the fourth quarter of 2025, pending regulatory approvals in Sweden and Germany.
Upon close of the transaction, Lyten plans to immediately restart operations at Northvolt Ett gigafactory in Skellefteå, Sweden, Northvolt Labs in Västerås, and the Northvolt Drei gigafactory project in Heide, Germany. This move will rehire a significant portion of Northvolt’s laid-off workforce and integrate parts of Northvolt’s executive team.
The acquisition is significant for Lyten as it brings Swedish talent and facilities to the company. Lyten's CEO and Co-Founder, Dan Cook, stated that the acquisition will accelerate Lyten's mission to be the leading supplier of clean, locally sourced and manufactured batteries and energy storage systems in both North America and Europe.
The acquisition is fully supported by the Trustee, Mikael Kubu, who expressed his pleasure with the deal. Ebba Busch, Deputy Prime Minister of Sweden, also voiced her support, stating that the acquisition is a win for Sweden, for the former employees of Northvolt, and for positioning Sweden as key to Europe's energy independence.
Lyten is actively progressing discussions with Northvolt North America, the Government of Canada, the Government of Québec, and other key local stakeholders, signaling further expansion plans in North America. The company is also committed to pursuing the acquisition of Northvolt Six in Quebec, Canada.
The acquisition is expected to have a positive impact on the former employees of Northvolt and significantly speed up the demand for Lyten's lithium-sulfur batteries to meet energy independence, national security, and AI data center needs.
Currently, Lyten manufactures lithium-sulfur batteries in Silicon Valley and is selling commercially into the rapidly growing drone and defense markets. 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.
This deal comes as Lyten prepares to launch its lithium-sulfur batteries onto the International Space Station in the coming months and has a multi-billion-dollar pipeline for BESS powered by lithium-sulfur. The acquisition positions Sweden as a key player in Europe's energy independence and supports Northvolt's vision of clean battery production and job growth in Sweden, Europe, and North America.
[1] Northvolt Press Release: Lyten to Acquire Northvolt's Remaining Assets in Sweden and Germany (link) [2] Lyten Press Release: Lyten Announces Binding Agreement to Acquire Northvolt's Remaining Assets (link) [3] Swedish Government Press Release: Swedish Government Supports Lyten's Acquisition of Northvolt's Assets (link) [4] Canadian Government Press Release: Canadian Government Welcomes Lyten's Acquisition of Northvolt's Assets (link)
The acquisition will expand Lyten's operations into Europe, making it a significant player in the business sector, particularly in the field of technology. The deal will bring clean, locally sourced batteries to both Europe and North America, contributing to energy independence and AI data center needs.
Upon closing the acquisition, Lyten plans to integrate part of Northvolt's executive team, emphasizing the integration of expertise in finance, business, and technology.
