US energy storage and battery technology startup Lyten has completed its acquisition of Northvolt’s business operations in Sweden and announced its immediate plans.
Production has begun at a battery energy storage system (BESS) factory designated as a project of strategic importance by the European Commission (EC) due to its use of local supply chains.
Lyten’s deal to acquire and recommence operations of European battery firm Northvolt out of bankruptcy has winners and losers, but some of the challenges that led to its demise have already been solved.
US-based lithium sulfur battery firm Lyten has now acquired nearly all of the assets of failed European lithium-ion battery startup Northvolt, with this deal to buy its gigafactories in Sweden and Germany and all IP.
We hear from sources about the state of health of Europe’s battery ecosystem, and how current industry incumbents are hoping to learn from the mistakes of their predecessors.
European lithium-ion OEM Northvolt has sold the division in which its ESS manufacturing plant in Poland sits, as it continues to divest non-core assets amidst its ongoing Chapter 11 bankruptcy.
Norway-based startup Elinor Batteries has launched a new product, the Orkan DC Block, which it claims will deliver 30% more energy density than existing products.
European battery company Northvolt has filed for Chapter 11 ‘reorganisation’ bankruptcy in the US, which it said will allow it to restructure its debt to continue scaling the business.
