Silicon Valley’s battery king buys Northvolt – factory to restart

The US battery manufacturer Lyten, which produces lithium-sulphur batteries, has signed a binding agreement to acquire Northvolt’s remaining assets in Sweden and Germany.

The deal covers Northvolt Ett and Ett Expansion in Skellefteå, Northvolt Labs in Västerås, and Northvolt Drei in Heide, Germany.

Lyten will also acquire all of Northvolt’s remaining intellectual property rights, according to the press release.

Dan Cook, CEO and co-founder of Lyten, says that "Lyten’s mission is to be the leading supplier of clean, locally sourced and manufactured batteries and energy storage systems in both North America and Europe," and that "the acquisition of Northvolt’s assets brings the facilities and Swedish talent to accelerate this mission by years."

The assets Lyten is acquiring are valued at $5b, equivalent to around €4,3b, according to the press release.

"A win for Sweden"

The company states it plans to rehire a significant portion of the previously laid-off workforce. Once the deal is completed, Lyten intends to restart operations, which is expected to happen during the final quarter of this year. Collaboration with Northvolt’s former main customers will continue.

According to Lyten, only minor adjustments would be needed for their batteries to be manufactured at the Skellefteå plant, where Northvolt has been producing lithium-ion batteries.

Swedish deputy prime minister Ebba Busch commented on the deal:

"Lyten’s acquisition of the Northvolt assets is a win for Sweden, for the former employees of Northvolt, and for positioning Sweden as key to Europe’s energy independence."

The acquisition will be fully financed through equity from private investors. The transactions are subject to approval by the relevant Swedish and German authorities, as well as European bodies.

In November 2024, Lyten acquired Northvolt’s Cuberg battery plant in California, and in early July 2025 the company announced the purchase of Northvolt Dwa, Europe’s largest battery energy storage system manufacturing facility, in Gdańsk, Poland.