Lyten's Acquisition of Northvolt Approved by ISP Authority

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Lyten's Acquisition of Northvolt Approved by ISP Authority
Photo: Jonas Westling/TT

American Lyten's purchase of the bankrupt battery manufacturer Northvolt has been approved by the authority ISP, says the bankruptcy administrator Mikael Kubu to Ekot.

All the necessary approvals are thus in place, according to Mikael Kubu, who expects the purchase to be completed at the earliest on October 15, but that it may be delayed until the end of October, reports Ekot.

Lyten signed an agreement in August to buy Northvolt's assets.

Northvolt had approximately 5,000 employees when the company applied for bankruptcy in March, of which approximately 3,000 were in the battery factory Northvolt Ett in Skellefteå.

"The lack of engineering competence can make the startup more difficult," says Camilla Frankelius, chief negotiator at Sveriges Ingenjörer, in a written comment.

She adds that a collective agreement is now needed for the business to function well on the Swedish labor market.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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