Acquisition of Northvolt assets in Sweden and Germany by Lyten announced
In a significant move, U.S. company Lyten has signed a binding agreement to acquire the remaining assets of Northvolt in Sweden and Germany. The acquisition includes the Northvolt Ett and Ett Expansion sites in Skellefteå, Northvolt Labs in Västerås, and Northvolt Drei in Heide.
The transaction, valued at around $5 billion, is expected to close in the fourth quarter of 2025, subject to regulatory approvals from Swedish, German, and European authorities. Lyten plans to immediately restart and scale battery manufacturing operations at these key locations.
Lyten's mission is to become the leading provider of clean, locally manufactured batteries and energy storage systems in North America and Europe. The company aims to address growing demand driven by energy independence, national security, and AI data center needs.
The acquired assets bring over $5 billion in invested capital and a combined existing and under-construction capacity of more than 31 GWh, with infrastructure scalable beyond 100 GWh. Lyten will focus on producing its advanced lithium-sulfur batteries, which offer higher energy density and lighter weight compared to lithium-ion batteries, using locally sourced, abundant materials that eliminate reliance on mined minerals.
Lyten plans to rehire a significant portion of the previously laid-off workers at the sites. The company is also actively raising additional capital to support ongoing acquisitions and expansion strategies across the US and Europe.
In Heide, Germany, Lyten has acquired Northvolt Drei, a site with an initial capacity of 15 GWh. Production in Gdańsk, Poland, is expected to start immediately to meet high demand in over 20 countries. Lyten will also acquire all remaining intellectual property (IP) rights from Northvolt.
Lyten is currently producing lithium-sulfur batteries in the Silicon Valley and supplies customers in the drone and defense markets with these batteries. The company is also exploring the acquisition of Northvolt Six in Québec, Canada, a plant with an initial capacity of 15 GWh currently under construction.
Regarding plans for the use of Northvolt batteries in electric vehicles, the new owner has not yet commented. However, the acquisition accelerates Lyten's mission by years, and several members of Northvolt's executive and engineering teams are joining Lyten to support this transition.
In addition, Lyten plans to manufacture Battery Energy Storage Systems (BESS) in Gdansk, Poland, following the acquisition of Northvolt's BESS product portfolio there, targeting product deliveries by late 2025. A deployment of Lyten's lithium-sulfur batteries on the International Space Station is planned.
The acquisition will be fully funded by private investor equity. Talks with North American partners and authorities are ongoing regarding the potential acquisition of Northvolt Six.
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- This acquisition of Northvolt's assets by Lyten signifies a strategic move in the technology sector, aimed at expanding their presence in the battery manufacturing business, which is a critical component of the finance and energy industries.
- The integration of Northvolt's intellectual property rights and manufacturing sites in Europe will strengthen Lyten's competitiveness in the global market, especially in the area of advanced lithium-sulfur batteries, a key technology in finance, business, and emerging sectors like AI and electric vehicles.
