Lyten to Acquire Northvolt Assets in Europe

Lyten has announced it will acquire Northvolt’s remaining assets in Sweden and Germany, including Northvolt Ett, Ett Expansion, Northvolt Labs, Northvolt Drei, and all remaining Northvolt intellectual property (IP).

• Acquisition details: Lyten will acquire assets valued at approximately $5B, which include 16 GWh operational battery capacity, >15 GWh under construction, infrastructure and plans to scale to >100 GWh. The transaction is fully equity funded, the parties expect to close in Q4 2025, and Lyten plans to immediately restart operations at Skellefteå (Ett) and Västerås (Labs) upon close and to rehire a significant portion of the previously laid-off workforce (staffing assessed site-by-site).
• Background and related actions: Lyten previously acquired Northvolt’s Cuberg plant (Nov 2024) and announced acquisition of Northvolt Dwa (Gdansk, expected close Aug 2025) and Northvolt’s BESS product and IP (late July). Lyten has raised $625M in equity investment, secured LOIs for $650M financing from the Export-Import Bank of the US, and is pursuing acquisition of Northvolt Six (Quebec, 15 GWh Phase 1); transactions remain subject to Swedish, German, and European approvals.