Gold prices hit 2-week high as Trump-Fed feud escalates with Cook firing
Investing.com -- U.S. battery startup Lyten has agreed to purchase the remaining European assets of bankrupt Swedish battery maker Northvolt, the company announced Thursday.
The acquisition includes Northvolt’s main factory and research and development facility in Sweden, the site of a planned gigafactory in Germany, and all intellectual property. While the purchase price wasn’t disclosed, Lyten confirmed the deal includes assets valued at approximately $5 billion.
Northvolt filed for bankruptcy in March after failing to secure necessary financial backing to continue operations. The company has continued to operate on a reduced scale since then, following an agreement between the bankruptcy trustee and key stakeholders.
In June, the trustee revealed that three potential buyers had emerged, including a foreign investor bidding for the entire operation.
Prior to this deal, portions of Northvolt’s business had already been sold, with its heavy industry business going to Scania and a Swedish battery plant to joint venture partner Volvo (OTC:VLVLY) Car.
Lyten, a Silicon Valley startup developing lithium-sulfur batteries that are considered more environmentally friendly than traditional lithium-ion batteries, counts major corporations among its backers, including automotive manufacturer Stellantis (NYSE:STLA), logistics provider FedEx (NYSE:FDX), and industrial conglomerate Honeywell (NASDAQ:HON).
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.