Acquisition Overview
Lyten has entered a binding agreement to acquire Northvolt's remaining assets in Sweden and Germany. This includes Northvolt Ett and Ett Expansion in Skellefteå, Northvolt Labs in Västerås, and Northvolt Drei in Heide, Germany. The acquisition also covers all remaining Northvolt intellectual property.
Strategic Importance
The acquisition is a significant step for Lyten, aligning with its mission to become a leading supplier of clean, locally sourced batteries and energy storage systems in North America and Europe. The assets will help accelerate Lyten's growth in response to increasing demand for lithium-sulfur batteries, driven by energy independence and national security needs.
Government and Trustee Support
Sweden's Deputy Prime Minister, Ebba Busch, supports the acquisition, highlighting its benefits for Sweden and its role in Europe's energy independence. Mikael Kubu, Northvolt's Bankruptcy Trustee, expressed relief at finding a buyer committed to continuing operations and resuming battery production, thus preserving value and jobs.
Future Plans
Lyten plans to restart operations in Skellefteå and Västerås immediately after the transaction closes. Collaboration with Northvolt's prior anchor customers is progressing. In Germany, Lyten is working with the government to establish a battery manufacturing facility near Heide with an initial capacity of 15 GWh. Lyten is also pursuing the acquisition of Northvolt Six in Quebec, Canada, which is constructing a 15 GWh Phase 1 battery manufacturing facility.
