US startup seeks to recharge Europe's fallen battery icon Northvolt
Here are some details about Lyten, Northvolt's collapse and lithium-sulphur batteries.
Founded in 2015, Lyten started out in a shipping container in California, but has gained backing from Chrysler-parent Stellantis (STLAM.MI), opens new tab and U.S. delivery giant FedEx (FDX.N), opens new tab. It now develops lithium-sulphur battery cells, which it hopes will compete with conventional lithium-ion technology.
It announced plans in 2024 to build the world's first gigafactory for lithium-sulphur batteries in Reno, Nevada, with an investment of over $1 billion.
Over the past year, Lyten has acquired two of Northvolt's former businesses: a U.S. R&D hub and Northvolt's energy storage systems factory, Europe's largest.
Sweden's Northvolt collapsed in March after being in a U.S. Chapter 11 bankruptcy process since 2024. The company struggled to scale output at its flagship plant in northern Sweden, despite support from a major customer, truckmaker Scania.
Once considered a pioneer in European battery cell production, Northvolt had a $50-billion order book with automakers including BMW (BMWG.DE), opens new tab, Volkswagen (VOWG.DE), opens new tab, Volvo Cars and Audi. That was wiped out following the bankruptcy.
It raised more than $10 billion in equity, debt and public funding since its 2016 launch, and had over 6,000 workers at one point before most were let go. Its largest shareholders included Volkswagen with a 21% stake, and Goldman Sachs (GS.N), opens new tab, with 19%.
Many in the EV industry hope that electric autos in the future can run on lithium-sulphur, which can be up to two-thirds cheaper than today's lithium-ion battery cells.
Lithium-sulphur batteries do not contain nickel, cobalt, or manganese - materials whose supply is dominated by China - making them cheaper and potentially more sustainable.
Lyten has raised over $625 million from investors including Stellantis, FedEx, and the U.S. government.
Other investors and partners include Honeywell (HON.O), opens new tab, a supplier to planemaker Boeing (BA.N), opens new tab and Airbus (AIR.PA), opens new tab, venture capital firm Prime Movers Lab, and Canadian miner Wallbridge (WM.TO), opens new tab, according to Lyten's website.
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