Northvolt takeover by US company Lyten approved – factory construction in Heide continues
According to insolvency administrator Mikael Kubu, nothing stands in the way of the takeover of the insolvent Swedish battery manufacturer Northvolt by the US company Lyten. The responsible state authority, ISP, has approved the purchase, Kubu told Swedish radio. This means that all necessary permits have been obtained. The deal is expected to be completed by the end of October.
In August, Lyten announced that it would take over all remaining sites of the insolvent battery manufacturer. This includes the factory under construction near Heide in Schleswig-Holstein . No details were provided regarding the financial framework of the agreement.
The US specialist had already secured a large Northvolt factory in California in November 2024. The Silicon Valley company also announced that it would take over the Swedish company's large factory in Gdansk, Poland.
Lyten intends to retain the factory near Heide. The plan is to build a battery production facility with an initial capacity of 15 gigawatt hours.
As a manufacturer of batteries for electric cars, Northvolt was long considered the European automotive industry's great hope. The Swedes expanded but repeatedly suffered new setbacks, such as the withdrawal of a billion-euro order for battery cells by automaker BMW, and struggled with ever-increasing debt. Due to ongoing financing problems, Northvolt filed for insolvency for its Swedish operations in mid-March.
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