Lyten, a company specializing in advanced materials, has announced an agreement to purchase most of the essential assets of Northvolt, the once-leading electric vehicle battery manufacturer that recently declared bankruptcy. Lyten intends to restart production and broaden battery manufacturing capacity, targeting not only EVs but also energy storage applications like data centers.

Scope of the Acquisition

This acquisition includes Northvolt’s Ett gigafactory in northern Sweden along with its expansion plans, the Northvolt Labs innovation campus also based in Sweden, and the Northvolt Drei gigafactory project in Germany. Lyten will also acquire all remaining intellectual property linked to Northvolt’s battery technologies. These combined assets currently offer 16 gigawatt-hours of battery production capacity, with more than 15 gigawatt-hours under construction and infrastructure to potentially scale beyond 100 gigawatt-hours. Although financial details remain undisclosed, the assets were previously valued at around $5 billion.

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Background: Northvolt’s Rise and Fall

Founded in 2016 with a vision to build the “world’s greenest battery,” Northvolt prioritized minimizing carbon footprints and sustainable material sourcing alongside recycling. Despite raising over $14 billion, the company faced headwinds from waning EV demand in Europe, rising costs, geopolitical uncertainty, and disrupted supply chains, leading to its bankruptcy filing in March 2025.

Previous Acquisitions by Lyten

Before this latest deal, Lyten had acquired Northvolt’s Cuberg manufacturing facility in California and Europe’s largest Battery Energy Storage System (BESS) plant, Northvolt Dwa, located in Gdansk, Poland. Most recently, Lyten took control of the Northvolt Dwa BESS product lineup based in Stockholm.

Plans for Restart and Expansion

Lyten plans to immediately resume operations at the Ett facility and Northvolt Labs following the transaction close. The company is also working closely with the German government to progress the Northvolt Drei gigafactory project, aiming to bring an initial 15 GWh capacity online. Negotiations with Northvolt’s former major customers are reportedly advancing well, and Lyten intends to rehire a large portion of the workforce laid off after Northvolt’s collapse. Several executives from Northvolt’s leadership are expected to join Lyten as part of the transition.

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Looking Ahead: Further Growth Opportunities

Additionally, Lyten is actively pursuing the acquisition of Northvolt Six in Quebec, Canada a 15 GWh battery manufacturing site currently under construction. Talks continue with Northvolt North America, Canadian and Québec governments, and other key stakeholders.

Financial and Strategic Outlook

This strategic acquisition will be fully funded by private equity investments, with the deal expected to finalize in the fourth quarter of 2025, subject to regulatory approvals.

CEO’s Perspective

Dan Cook, Lyten’s CEO and Co-Founder, called the acquisition a defining milestone: “Lyten aims to be the leading supplier of clean, locally sourced batteries and energy storage systems across North America and Europe. Adding Northvolt’s assets accelerates our mission significantly, just as demand surges for our lithium-sulfur batteries in areas like energy independence, national security, and AI data centers.”

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