US-based firm Lyten set to assume control over Northvolt manufacturing facility in Heide
In a significant development, US-based company Lyten from Silicon Valley has reached a binding agreement for the acquisition of Northvolt's assets in Sweden and Germany. This move follows Northvolt's insolvency, and aims to revive the battery factory project in Schleswig-Holstein, which had received substantial state funding but stalled due to Northvolt's financial difficulties.
Christofer Haux, the outgoing CEO of Northvolt Drei Project GmbH, has expressed gratitude to employees and project participants for their efforts. The insolvency of Northvolt in Sweden affected all Swedish units of the company, including the factory under construction in Heide.
The total estimated value of the assets is five billion dollars (4.3 billion euros). The deal includes the main Northvolt factory and expansion plant in SkellefteÄ, Northvolt Labs development center in VÀsterÄs, the planned Northvolt Three factory in Heide, and all intellectual property. Battery cell production at the main plant Northvolt Ett in SkellefteÄ has been completely shut down since the insolvency.
Operations at the two Swedish sites will resume following the completion of the transaction. Work is being done with Northvolt and the federal government to build a battery production plant with an initial capacity of 15 gigawatt hours. Funds previously secured for Northvolt are involved in this project.
Nicolas Steinbacher, previously part of the management of the Northvolt Drei Project GmbH, will take over the management following the acquisition. Mikael Kubu was appointed as insolvency administrator for Northvolt.
Interested parties in these offers come from Europe, North America, and India. The US company Lyten expects to complete the acquisitions in the fourth quarter after all necessary regulatory approval processes in Sweden, Germany, and the EU have been completed.
Minister President Daniel GĂŒnther (CDU) stated that several hurdles still need to be overcome. Andreas Hein (CDU) expresses relief at the announcement of Lyten's intention to acquire Northvolt and establish themselves in Dithmarschen.
In addition, the US company Lyten is also taking over a large plant for energy storage systems in GdaĆsk, Poland, which was part of Northvolt Industries division. Plans for the factory in Heide will be maintained.
This acquisition is a promising step towards the resumption of the battery factory project in Schleswig-Holstein, and a boost for the region's green energy ambitions.
