Battery manufacturer Lyten signed a binding agreement in early August this year to purchase the assets in Northvolt's bankruptcy estate, including the large battery factory in Skellefteå.
“A complex acquisition”
Lyten's Sweden manager Matthias EJ Arleth told TT in September that the goal was to complete the Northvolt deal during the fourth quarter of this year and that battery production in Skellefteå would be restarted during the first half of 2026.
But when it comes to the Swedish parts of the bankruptcy estate - in Skellefteå and Västerås - it has taken a while, Keith Norman at Lyten now confirms.
"This is a complex acquisition and we are keen to complete it as quickly as possible. We understand the impact this has on the community, current and former employees and key suppliers. We have been optimistic from the start about the timetable for getting everything done," Norman writes in an email to TT.
He reminds us that Lyten has already transferred just over 170 people who were employed by Northvolt to Lyten as of November.
“In addition, Lyten pays the costs of maintaining equipment and buildings. Lyten makes payments to Northvolt's bankruptcy estate when milestones are reached, and all parties are working purposefully to complete the acquisition,” he adds.
Had 5,000 employees in March
When the company filed for bankruptcy in March this year, Northvolt had approximately 5,000 employees, of whom approximately 3,000 were in the Northvolt Ett battery factory in Skellefteå.
Lyten is an unlisted American company, headquartered in San José, California. Over the past decade, the company has built up production of lithium-sulfur batteries, sensors and composite materials. Northvolt's production was of lithium-ion batteries for electric vehicles.
The Northvolt assets that Lyten is purchasing have previously been valued at around $5 billion, according to Lyten. The price Lyten is paying for the bankrupt Northvolt assets is confidential, but according to Lyten, it is being done with existing funds in the company.
