Lyten completes acquisition of bankrupt battery maker Northvolt's Swedish assets
COPENHAGEN, Feb 27 (Reuters) - Silicon Valley-based startup Lyten has completed its long-planned acquisition of bankrupt battery maker Northvolt's Swedish assets, which had a book value of some $5 billion, the U.S. group said in a statement on Friday.
Lyten, which develops lithium-sulfur batteries, announced last year it would buy bankrupt Northvolt's assets, offering a lifeline to future European battery production.
"With this acquisition, Lyten now operates one of the largest battery manufacturing campuses in Europe and the largest battery R&D centre in Europe," Lyten CEO Dan Cook said in the statement.
Lyten aims to restart operations and produce commercial cells in the second half of 2026, it said, adding that it plans to hire over 600 employees within 12 months.
The deal revives some hopes for European battery independence after Northvolt - the continent's potential rival to major Chinese electric vehicle battery makers - filed for bankruptcy last year, making it one of Sweden's largest corporate failures and sparking a frantic push to find a buyer.
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