US battery company Lyten buys bankrupt Northvolt

The American battery company Lyten has finally gotten its hands on Northvolt’s bankruptcy estate, according to our swedish news site Branschaktuellt. Lyten has previously purchased Northvolt’s battery factory in Gdansk, Poland, among other things.

But now the company is also taking over the remaining parts of the operations. This includes the factory in Skellefteå and the research facility in Västerås, as well as the facility in Germany.

The only thing that remains is a regulatory review before the takeover can occur.

“Their intention is to continue operating all facilities, otherwise you don’t buy all these facilities,” bankruptcy administrator Mikael Kubu tells SVT.

Negotiations are also ongoing regarding a factory under construction in Canada. But certain details remain to be worked out there.

“Defining moment”

The exact purchase price is not being disclosed.

However, the bankruptcy administrator announces that it is nowhere near the valuations that were current when the company was seeking investors. It also doesn’t come close to covering the debts to creditors.

And Lyten appears very satisfied with the deal. They value the acquired assets at around 47 billion kronor.

“This is a defining moment for Lyten,” says CEO Dan Cook.

Lyten has also recently gone through a round of layoffs, with 45 out of 300 employees forced to leave the company. This was due to the costs of operating the recently purchased Northvolt factory in Gdansk.