The Swedish electric vehicle battery company, Northvolt, may have a way out of its bankruptcy, as the American startup Lyten has reached an agreement to buy the majority of the Swedish company.
Northvolt, long seen as Europe’s answer to rival companies in Asia, filed for bankruptcy in March, initiating a frantic search for a buyer.
This step now seems to be becoming a reality, after Lyten, a company developing lithium-sulfur cells, a cleaner alternative to lithium-ion cells, moved forward with the purchase of Northvolt with the support of Stellantis and FedEx.
“Our plans are… largely to continue the work where the Northvolt team left off”, said Lyten CEO Dan Cook to “Reuters,” refusing to disclose the investment amount made to finalize the purchase of the Swedish company, while making it clear that the deal allowed for a “substantial discount” relative to the original asset value.
Lyten now hopes to restart operations at the Skelleftea factory in northern Sweden and resume deliveries of lithium-ion battery cells in 2026. It is worth noting that Lyten acquired Northvolt’s energy storage business in Poland in July, the largest in Europe.
