Lyten, a leading US-based lithium-sulphur battery maker, has entered into binding agreements to acquire all of the remaining assets of the bankrupt Swedish battery giant Northvolt located in Sweden and Germany. This strategic acquisition marks a major milestone in Lyten’s mission to become a dominant supplier of clean, locally sourced batteries and energy storage systems across North America and Europe.
The deal includes Northvolt’s key Swedish facilities — Northvolt Ett and its expansion in Skellefteå, as well as Northvolt Labs in Västerås, which houses Europe’s largest and most advanced battery R&D center. Additionally, Lyten is acquiring the Northvolt Drei gigafactory in Heide, Germany, along with all remaining intellectual property (IP) belonging to Northvolt. Together, these assets represent over 31 gigawatt-hours (GWh) of current and near-future battery production capacity, backed by roughly $5 billion of investment by Northvolt.
Dan Cook, Lyten’s CEO and co-founder, described the acquisition as a “defining moment” that will accelerate their capacity and innovation timeline just as demands for lithium-sulphur batteries surge to meet critical needs, including energy independence, national security, and artificial intelligence data centre support. Plans are underway to immediately restart operations at the acquired sites and hire much of the previously laid-off workforce, ensuring retention of local expertise and long-term employment growth.
Sweden’s Deputy Prime Minister Ebba Busch welcomed the transaction, highlighting it as a win for the workers and reinforcing Sweden’s strategic position in European energy independence. Swedish authorities collaborated closely with Lyten and the trustee managing Northvolt’s bankruptcy to facilitate a smooth acquisition.
This acquisition is the latest in a series of moves by Lyten to expand through Northvolt’s former assets. Earlier, Lyten acquired Northvolt’s Cuberg manufacturing facility in California and Northvolt Dwa, Europe’s largest Battery Energy Storage System (BESS) factory in Poland, along with the Battery Energy Storage product portfolio in Stockholm. These acquisitions, fuelled by over $200 million in new equity investment, bolster Lyten’s capacity to rapidly scale lithium-sulphur battery production and energy storage technologies globally.
Lyten’s lithium-sulphur batteries provide notable advantages over conventional lithium-ion cells, including higher energy density, wider operating temperature ranges, enhanced safety, and reliance on abundant, locally sourced materials, making them well suited for an array of applications from drones to grid-scale energy storage.
Subject to regulatory approvals, the deal is expected to close in Q4 2025, positioning Lyten as a pivotal player in the decarbonization and energy independence efforts spanning the US and Europe.