California Start-Up Will Buy Assets of Bankrupt Swedish Battery Maker

Lyten, a California-based start-up, has announced plans to acquire the assets of bankrupt Swedish battery maker Northvolt. This includes the company's factories in Germany and Sweden, which were previously constructed by Northvolt. Northvolt, a prominent player in the European battery industry, filed for bankruptcy in March 2023 due to financial difficulties. Lyten, a relatively new player in the market, sees this as an opportunity to expand its own battery production capabilities. The acquisition is expected to strengthen Lyten's position in the rapidly growing electric vehicle and energy storage markets. By taking over Northvolt's existing production facilities, Lyten can potentially accelerate its own manufacturing operations and tap into the expertise and infrastructure already in place. The deal is subject to regulatory approvals and the completion of the bankruptcy proceedings. If successful, it will allow Lyten to establish a stronger foothold in Europe, potentially challenging established players in the battery industry.