Lyten completes acquisition of Northvolt Sweden

Lyten has completed its acquisition of Northvolt Ett, Ett Expansion and Northvolt Labs in Sweden, with assets totalling nearly US$5bn in book value. The acquisition includes 16 GWh of existing battery manufacturing capacity, more than 160 hectares of land and the largest battery research and development centre in Europe.

Lyten has also announced the formation of the Lyten Industrial Hub at the Northvolt Ett site in Skellefteå. The industrial hub will co-locate battery manufacturing with AI data centres and other industrial operations, utilising abundant hydropower. EdgeConneX, a portfolio company of EQT, plans to acquire a data centre site from Lyten with potential capacity of up to one gigawatt.

In a statement, Dan Cook, Chief Executive and Co-Founder of Lyten, said: “With this acquisition, Lyten now operates one of the largest battery manufacturing campuses in Europe and the largest battery R&D centre in Europe. We have the infrastructure, talent, and technology to build a thriving battery ecosystem across North America and Europe.”

Lyten plans to immediately begin restarting Northvolt Ett, which will produce lithium-ion NMC batteries for energy storage, automotive and mobility markets. Commercial cell sales are expected in the second half of 2026. Northvolt Labs in Västerås will continue development of lithium-ion cells and collaborate on industrialising Lyten’s lithium-sulfur technology.

Lyten plans to hire more than 600 additional employees over the next 12 months across its Swedish operations.

Source: Lyten