San Jose, CA-based lithium-sulfur battery innovator Lyten today announced that it has entered into a binding agreement to acquire Northvolt’s remaining assets in Sweden and Germany, which include Northvolt Ett and Ett Expansion in Skelleftea, Sweden; Northvolt Labs in Vasteras, Sweden; and Northvolt Drei in Heide, Germany. Lyten is also acquiring all remaining Northvolt IP (intellectual property). And multiple members of the current Northvolt executive team plan to join Lyten. Financial terms were not disclosed.

“This is a defining moment for Lyten,” said Dan Cook, Lyten CEO and Co-Founder. “Lyten’s mission is to be the leading supplier of clean, locally sourced and manufactured batteries and energy storage systems in both North America and Europe. The acquisition of Northvolt’s assets accelerates this mission by years, just at the moment when demand for Lyten lithium-sulfur batteries is growing exponentially to meet energy independence, national security, and AI data center needs.”

Lyten’s acquisition includes assets built with over $5 billion in invested capital, resulting in 16 GW·h of existing battery manufacturing capacity, 15+ GW·h of capacity under construction, the infrastructure and plans to scale to more than 100 GW·h, and the largest and most advanced battery R&D center in Europe.

The company had previously announced the acquisition of other Northvolt assets. In November 2024, Lyten acquired Northvolt’s Cuberg battery manufacturing facility in California; in early July, Northvolt Dwa, Europe’s largest battery energy storage system (BESS) manufacturing facility in Dwa, Poland; and in late July, Northvolt’s BESS product and IP portfolio.

The new acquisition is being fully funded through additional equity investment in Lyten from private investors, and the company expects to close in the fourth quarter of this year. It plans to immediately restart Ett and Labs operations when the transaction closes and is working with Northvolt and the Swedish and German governments to complete plans to progress construction of expansion facilities.

This adds to Lyten’s previously announced intention to immediately restart Dwa upon close of that transaction to support growing demand in more than 20 countries for Lyten’s BESS.

“The message we are hearing clearly from European customers is that they want energy storage systems manufactured in Europe using locally sourced supply chains free of geopolitical risk,” said Lars Herlitz, Lyten Chairman and Co-Founder.

BESS is the fastest growing segment of the battery market, as the technology is critical to meet AI data center power demand, provide resiliency to the electricity grid in Europe and North America, and meet surging power demand in emerging markets, according to the company.

In North America, it is also committed to pursuing the acquisition of Northvolt Six in Quebec, Canada, which is constructing a 15-GW·h Phase 1 battery manufacturing facility.

“The demand for European and North American-made batteries is only growing,” added Herlitz. “The combination of Northvolt’s world-class manufacturing assets and low-cost clean energy, Lyten’s world-leading lithium-sulfur battery technology, and Lyten’s abundant U.S. battery materials supply chain creates the right formula to fulfill Europe and North America’s battery manufacturing ambitions.”

Founded in 2015, Lyten calls itself a supermaterial applications company. It has received more than $625 million in equity investment and secured LOIs for $650 million in financing from the Export-Import Bank of the U.S. (US EXIM).

Lyten currently manufactures lithium-sulfur batteries in Silicon Valley and is selling commercially into the rapidly growing drone and defense markets. It is preparing to launch its lithium-sulfur batteries onto the International Space Station in the coming months.

In the automotive space, the company is working closely with its investor and development partner Stellantis. Its 800-V lithium-sulfur batteries that do not use nickel, cobalt, or manganese were featured in Chrysler’s 2024 Halcyon four-door concept car.

The company developed a proprietary materials platform, called Lyten 3D Graphene, to permanently sequester carbon from methane to create tunable “supermaterials” for decarbonization.

It says its lithium-sulfur battery cells have higher energy density and are up to 50% lighter in weight than current lithium-ion batteries. The company’s cathode, anode, and cells are manufactured from abundantly available local materials, eliminating the need for mined minerals like nickel, cobalt, manganese, and graphite. The use of low-cost, local materials is said to make its lithium-sulfur battery a lower-cost and higher-performing alternative to lithium-ion versions at scale.