US-based Lyten Acquires Northvolt’s Key Assets

The deal covers Northvolt Ett and Ett Expansion in Skellefteå, Northvolt Labs in Västerås and Northvolt Drei in Heide, expanding Lyten’s footprint in Europe.

“This is a defining moment for Lyten,” states Dan Cook, Lyten CEO and Co-Founder. “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. The acquisition of Northvolt’s assets brings the facilities and Swedish talent to accelerate this mission by years, just at the moment when demand for Lyten lithium-sulfur batteries is growing exponentially to meet energy independence, national security, and AI data centre needs.”

Lyten is also taking over all of Northvolt’s remaining intellectual property (IP), and several members of Northvolt’s leadership team are set to join the company. The financial details of the deal haven’t been disclosed.

This move follows Lyten’s recent acquisition of Northvolt’s energy storage business in Gdansk, Poland, just over a month ago. Prior to that, in November 2024, Lyten had also purchased Northvolt’s Cuberg battery plant in California.

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Lyten’s acquisition covers assets worth around $5 billion, including 16 GWh of current battery production capacity, over 15 GWh under construction, and plans to expand to more than 100 GWh. It also includes Europe’s largest and most advanced battery R&D center, based in Västerås.

The deal is being entirely funded by private equity investment into Lyten. However, the transactions still need approvals from Swedish, German, and European authorities. Lyten expects everything to be finalized by the fourth quarter of this year.

Once the deal closes, Lyten plans to quickly restart operations at the Skellefteå (Ett) and Västerås (Labs) sites. The company is also making progress in working with Northvolt’s previous key customers.

Lyten also plans to quickly restart operations at Northvolt Dwa as soon as the deal closes, to meet the rising demand for its battery energy storage systems (BESS) in over 20 countries.

As part of this, the company intends to rehire many of the workers who were previously laid off and will evaluate staffing needs at each site individually.

Ebba Busch, Deputy Prime Minister of Sweden, states, “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. We have been working closely with the Trustee and Lyten to fully support this deal, and we are excited to work with Lyten moving forward to make good on the immense potential of these assets.”

Lyten also plans to acquire Northvolt Six in Quebec, Canada, where a 15 GWh battery plant (Phase 1) is under construction.

The company is in active discussions with Northvolt North America, the Canadian and Québec governments, and other key local stakeholders.

“The demand for European and North American-made batteries is only growing,” adds Lars Herlitz, Lyten Chairman and Co-Founder.

“The combination of Northvolt’s world-class manufacturing assets and low-cost clean energy, Lyten’s world-leading lithium-sulfur battery technology, and Lyten’s U.S. battery materials supply chain creates the right formula to fulfil Europe and North America’s battery manufacturing ambitions,” adds Herlitz

Founded in 2015, Lyten developed a proprietary materials platform called Lyten 3D Graphene, which powers its next-gen lithium-sulfur batteries and other high-performance, low-cost, low-carbon products.

Its global headquarters is in San Jose, California, with its European base in Luxembourg.
Lyten holds over 520 granted or pending patents and currently manufactures in San Jose.

In 2024, Lyten revealed its technology would be featured in Chrysler’s Halcyon Concept EV. The company also plans to power AEVEX Aerospace’s unmanned aerial vehicles with its lithium-sulfur batteries.

“Lyten is a leader in the energy storage industry. As energy becomes a national security priority, from data centres to micro-grids, I’m proud to help secure a sustainable transformation of Germany’s infrastructure and data economy,” states Sem M. Köksal, Lyten Advisor and CEO of Gsl Holding GmbH.

About Lyten

Founded in 2015, Lyten transforms greenhouse gases into Lyten 3D Graphene™ to build breakthrough products. Its innovations include lithium-sulfur batteries for EVs, lightweight composite materials, and advanced sensors for health, safety, and manufacturing—accelerating decarbonization across automotive, aerospace, logistics, and more.