Lyten to Acquire All Remaining Northvolt Assets in Sweden and Germany

• Lyten, the global leader in lithium-sulfur batteries, announced it has entered into binding agreements to acquire Northvolt Ett and Ett Expansion, Northvolt Labs, Northvolt Drei, and all remaining Northvolt intellectual property (IP).
• These newly acquired assets were previously valued at approximately $5B and include 16 GWh of operational battery production capacity and over 15 GWh under construction.
• Lyten has expressed interest in additionally acquiring Northvolt Six in Quebec, Canada.
• Lyten plans to restart operations at Northvolt Ett and Northvolt Labs upon close of the transaction, which is being fully funded with equity investment.

SAN JOSE, Calif. & STOCKHOLM & HEIDE, Germany–(BUSINESS WIRE)–Lyten, the global leader in lithium-sulfur batteries, announced today that it has entered into a binding agreement to acquire Northvolt’s remaining assets in Sweden and Germany. The acquisition includes Northvolt Ett and Ett Expansion (Skellefteå, Sweden), Northvolt Labs (Västerås, Sweden), and Northvolt Drei (Heide, Germany). Additionally, Lyten is acquiring all remaining Northvolt intellectual property (IP), and multiple members of the current Northvolt executive team plan to join Lyten. The financial terms of the agreement were not disclosed by any parties.

“This is a defining moment for Lyten,” stated 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 center needs.”

In total, Lyten’s acquisition includes assets valued at approximately $5B, including 16 GWh of existing battery manufacturing capacity, more than 15 GWh of capacity under construction, the infrastructure and plans to scale to more than 100 GWh, and the largest and most advanced battery R&D center (Västerås) in Europe.

Lyten plans to rehire a significant portion of the previously laid-off workforce at these facilities and will assess staffing needs site by site. Lyten sees substantial value in retaining local expertise and is committed to building long-term employment opportunities as we restart and scale operations.

Ebba Busch, Deputy Prime Minister of Sweden, stated “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.”

This acquisition is being fully funded through equity investment into Lyten from private investors. The transactions are subject to appropriate Swedish and German governmental and European agency approvals. Lyten expects the acquisitions to close in the fourth quarter of this year.

Lyten has previously announced the acquisition of three other Northvolt assets.

• In November 2024, Lyten acquired Northvolt’s Cuberg battery manufacturing facility in California.
• In early July, Lyten announced the acquisition of Northvolt Dwa, Europe’s largest Battery Energy Storage System (BESS) manufacturing facility, located in Gdansk, Poland. The acquisition is expected to close in August 2025.
• And in late July, Lyten acquired Northvolt’s BESS product and IP portfolio.

Lyten plans to immediately restart operations in Skellefteå (Ett) and Västerås (Labs) upon close of the transaction and collaboration with Northvolt’s prior anchor customers is progressing constructively. Lyten plans to immediately restart Northvolt Dwa upon close of the transaction to support rapidly growing demand for Lyten BESS in more than 20 countries.

At Northvolt Drei, Lyten is working with Northvolt and the German government to continue the program to establish a battery manufacturing facility near Heide in Schleswig-Holstein, with 15 GWh of initial capacity.

Lyten is also committed to pursuing the acquisition of Northvolt Six in Quebec, Canada, which is constructing a 15 GWh Phase 1 battery manufacturing facility. Lyten is actively progressing discussions with Northvolt North America, the Government of Canada, the Government of Québec and other key local stakeholders.

“The demand for European and North American made batteries is only growing,” added 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 fulfill Europe and North America’s battery manufacturing ambitions.”

Lyten currently manufactures lithium-sulfur batteries in Silicon Valley and is selling commercially into the rapidly growing drone and defense markets. Lyten is also preparing to launch its lithium-sulfur batteries onto the International Space Station in the coming months and has a multi-billion-dollar pipeline for BESS powered by lithium-sulfur.

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

The Trustee, Lyten, and Northvolt will be hosting a press conference in Skellefteå at 10:30am CET on Friday, August 8 to share more information about the transaction. The press conference will be live streamed at https://www.youtube.com/live/YD7Amj0Ifp0.

About Lyten

Lyten, founded in 2015, is a supermaterial applications company that has received more than $625 million in equity investment and secured LOIs for $650M in financing from the Export Import Bank of the US. Lyten has built a proprietary materials platform, called Lyten 3D Graphene, that it uses to build better performing, lower cost, and decarbonizing products, including its next generation lithium-sulfur battery. Lyten corporate headquarters is in San Jose, CA and European headquarters is in Luxembourg.

The company lists more than 540 patents granted or pending and is currently manufacturing in San Jose, CA. In November 2024, Lyten announced the acquisition of Northvolt’s battery manufacturing plant in San Leandro, California to scale production to meet the demand for American made batteries. In 2024, Lyten announced its integration into Chrysler’s Halcyon Concept electric vehicle and the selection of Lyten Lithium-Sulfur for demonstration on-orbit aboard the International Space Station (ISS), scheduled for launch later in 2025. Lyten is selling lithium-sulfur commercially into the rapidly growing drone and defense market.

Lyten was named Fast Company’s #8 Most Innovative Energy Company and named one of America’s Top Green Technology Companies by Time in 2024, 2025, and been named to Silicon Valley Defense Journal’s Top 100 National Security Companies from 2023 – 2025.

Contacts

Media Contact, US, International:

Bob Zeitlinger

bzeitlinger@makovsky.com

Media Contact, Sweden:

Anders Fogel

anders.fogel@fogelpartners.se

Media Contacts, Poland:

Ola Pawlowska

a.olekpawlowska@pov.pl