Latest news with #NorthvoltNorthAmerica
National Observer
4 days ago
- Business
- National Observer
American buyer interested in Quebec's Northvolt battery plant
Lyten, an American company, has announced it hopes to purchase the Northvolt battery plant in Quebec. This comes after the company shared Thursday it entered into a deal buy Northvolt's assets in Sweden and Germany. The acquisition includes the Northvolt Ett, Ett Expansion, and Northvolt Labs facilities in Sweden, as well as Northvolt Drei in Germany. Lyten will also acquire all of Northvolt's remaining intellectual property. The value of the transaction has not been disclosed. The San Jose, Calif.-based company now has its sights set on Quebec. In its press release announcing the acquisition of the Swedish and German assets, it said it's "committed to pursuing the acquisition" of the Northvolt Six project in the Montérégie region. The $7-billion factory is expected to be built between Saint-Basile-le-Grand and McMasterville. "Lyten is actively progressing discussions with Northvolt North America, the Government of Canada, the Government of Québec and other key local stakeholders," the company wrote Thursday in a statement. Lyten, an American company, has announced it hopes to purchase the Northvolt battery plant in Quebec. This comes after the company shared Thursday it entered into a deal buy Northvolt's assets in Sweden and Germany. The U.S. company, founded in 2015, currently manufactures lithium-sulphur batteries in the Silicon Valley and markets them to the drone and defence markets. The company's takeover in Sweden and Germany follows its purchase of another Northvolt plant in Poland in early July, and the Swedish company's product portfolio and intellectual property for battery energy storage systems weeks later. In November of 2024, Lyten also acquired Northvolt's Cuberg battery manufacturing facility in California. In a post on X, Quebec Economy Minister Christine Fréchette said the Quebec government intends to meet with Lyten representatives to hear "what they have to offer." She added the province has "leverage to regulate or refuse" the purchase, adding "it's our responsibility to rigorously assess this new situation." Karen Chang, interim CEO of Northvolt North America, said she's "encouraged by strong interest expressed by Lyten" in the subsidiary. "It underscores the promising foundations established through the Northvolt project and Quebec's potential role in the growth of the North American battery ecosystem," she said in a statement. Northvolt filed for bankruptcy in Sweden on March 12. This came following an "exhaustive effort to explore all available means to secure a viable financial and operational future for the company," the North American branch said then. At that time, Fréchette had said she hoped the company would find another buyer willing to take over its activities in North America. The Quebec government invested $270 million in Northvolt's Swedish parent company before it filed for bankruptcy in Europe. Quebec's pension fund manager, the Caisse de dépôt et placement du Québec, had also invested $200 million into the company.
Global News
4 days ago
- Business
- Global News
U.S. company Lyten interested in purchasing Northvolt battery plant in Quebec
Lyten, an American company, has announced it hopes to purchase the Northvolt battery plant in Quebec. This comes after the company shared Thursday it entered into a deal buy Northvolt's assets in Sweden and Germany. The acquisition includes the Northvolt Ett, Ett Expansion, and Northvolt Labs facilities in Sweden, as well as Northvolt Drei in Germany. Lyten will also acquire all of Northvolt's remaining intellectual property. The value of the transaction has not been disclosed. The San Jose, Calif.-based company now has its sights set on Quebec. In its press release announcing the acquisition of the Swedish and German assets, it said it's 'committed to pursuing the acquisition' of the Northvolt Six project in the Montérégie region. The $7-billion factory is expected to be built between Saint-Basile-le-Grand and McMasterville. Story continues below advertisement 'Lyten is actively progressing discussions with Northvolt North America, the Government of Canada, the Government of Québec and other key local stakeholders,' the company wrote Thursday in a statement. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy The U.S. company, founded in 2015, currently manufactures lithium-sulphur batteries in the Silicon Valley and markets them to the drone and defence markets. The company's takeover in Sweden and Germany follows its purchase of another Northvolt plant in Poland in early July, and the Swedish company's product portfolio and intellectual property for battery energy storage systems weeks later. In November of 2024, Lyten also acquired Northvolt's Cuberg battery manufacturing facility in California. In a post on X, Quebec Economy Minister Christine Fréchette said the Quebec government intends to meet with Lyten representatives to hear 'what they have to offer.' She added the province has 'leverage to regulate or refuse' the purchase, adding 'it's our responsibility to rigorously assess this new situation.' Karen Chang, interim CEO of Northvolt North America, said she's 'encouraged by strong interest expressed by Lyten' in the subsidiary. 'It underscores the promising foundations established through the Northvolt project and Quebec's potential role in the growth of the North American battery ecosystem,' she said in a statement. Northvolt filed for bankruptcy in Sweden on March 12. This came following an 'exhaustive effort to explore all available means to secure a viable financial and operational future for the company,' the North American branch said then. Story continues below advertisement At that time, Fréchette had said she hoped the company would find another buyer willing to take over its activities in North America. The Quebec government invested $270 million in Northvolt's Swedish parent company before it filed for bankruptcy in Europe. Quebec's pension fund manager, the Caisse de dépôt et placement du Québec, had also invested $200 million into the company.
Winnipeg Free Press
4 days ago
- Business
- Winnipeg Free Press
American company Lyten interested in purchasing Northvolt battery plant in Quebec
MONTREAL – Lyten, an American company, has announced it hopes to purchase the Northvolt battery plant in Quebec. This comes after the company shared Thursday it entered into a deal buy Northvolt's assets in Sweden and Germany. The acquisition includes the Northvolt Ett, Ett Expansion, and Northvolt Labs facilities in Sweden, as well as Northvolt Drei in Germany. Lyten will also acquire all of Northvolt's remaining intellectual property. The value of the transaction has not been disclosed. The San Jose, Calif.-based company now has its sights set on Quebec. In its press release announcing the acquisition of the Swedish and German assets, it said it's 'committed to pursuing the acquisition' of the Northvolt Six project in the Montérégie region. The $7-billion factory is expected to be built between Saint-Basile-le-Grand and McMasterville. 'Lyten is actively progressing discussions with Northvolt North America, the Government of Canada, the Government of Québec and other key local stakeholders,' the company wrote Thursday in a statement. The U.S. company, founded in 2015, currently manufactures lithium-sulphur batteries in the Silicon Valley and markets them to the drone and defence markets. The company's takeover in Sweden and Germany follows its purchase of another Northvolt plant in Poland in early July, and the Swedish company's product portfolio and intellectual property for battery energy storage systems weeks later. In November of 2024, Lyten also acquired Northvolt's Cuberg battery manufacturing facility in California. In a post on X, Quebec Economy Minister Christine Fréchette said the Quebec government intends to meet with Lyten representatives to hear 'what they have to offer.' She added the province has 'leverage to regulate or refuse' the purchase, adding 'it's our responsibility to rigorously assess this new situation.' Karen Chang, interim CEO of Northvolt North America, said she's 'encouraged by strong interest expressed by Lyten' in the subsidiary. 'It underscores the promising foundations established through the Northvolt project and Quebec's potential role in the growth of the North American battery ecosystem,' she said in a statement. Monday Mornings The latest local business news and a lookahead to the coming week. Northvolt filed for bankruptcy in Sweden on March 12. This came following an 'exhaustive effort to explore all available means to secure a viable financial and operational future for the company,' the North American branch said then. At that time, Fréchette had said she hoped the company would find another buyer willing to take over its activities in North America. The Quebec government invested $270 million in Northvolt's Swedish parent company before it filed for bankruptcy in Europe. Quebec's pension fund manager, the Caisse de dépôt et placement du Québec, had also invested $200 million into the company. This report by The Canadian Press was first published Aug. 8, 2025.
Cision Canada
5 days ago
- Business
- Cision Canada
Northvolt North America Acknowledges the Acquisition of Northvolt Assets in Sweden and Germany by Lyten with a strong interest on North America Français
MONTRÉAL, Aug. 7, 2025 /CNW/ - Northvolt North America acknowledges the acquisition of several entities from Northvolt by Lyten, a US-based company in supermaterial applications and battery manufacturing. While certain aspects related to North American operations are still under review, Lyten has signaled a clear interest in Northvolt North America, recognizing the strategic importance of the North American battery value chain. As this acquisition opens a new chapter, Northvolt North America continues to maintain close and ongoing communication with its commercial partners and government stakeholders to ensure they remain fully informed at every stage. The acquisition by Lyten will be followed by a transition period at the Northvolt Group level, during which both organizations will work together to identify synergies and ensure continuity across ongoing projects. A sale process to continue for North America The local due diligence process continues with respect to Northvolt North America and the work is actively underway, in collaboration with all key stakeholders and public authorities. Societe Generale, as exclusive financial advisor, will continue supporting Northvolt North America during this process. "We are encouraged by the strong interest expressed by Lyten in Northvolt North America," said Karen Chang, Interim CEO at Northvolt North America. "It underscores the promising foundations established through the Northvolt project and Québec's potential role in the growth of the North American battery ecosystem. We remain focused on advancing this vision, in close coordination with our partners and stakeholders."
New York Times
12-03-2025
- Automotive
- New York Times
Swedish Battery Maker Northvolt Collapses, a Blow to Europe
Northvolt, Europe's biggest hope for producing batteries in the region to power the transition to electric vehicles, will be split up and sold after it filed for bankruptcy on Wednesday in its home county, Sweden. The company, which just a few years ago appeared to be Europe's best chance to compete against Chinese rivals, filed for Chapter 11 bankruptcy protection in the United States last year in an attempt to buy it more time to raise money. But securing funds proved too difficult. On Wednesday, Northvolt said in a statement that a court-appointed Swedish trustee would take over the process of selling off its business and assets. The company's subsidiaries Northvolt Germany and Northvolt North America are not part of the bankruptcy proceedings in Sweden. Founded in 2016 by a former Tesla executive, Northvolt has been struggling for months, cutting jobs and restructuring operations even before it sought bankruptcy protection. 'Despite pursuing all available options to negotiate and implement a financial restructuring, including a Chapter 11 restructuring process in the United States, and despite liquidity support from our lenders and key counterparties, the company was unable to secure the necessary financial conditions to continue in its current form,' Tom Johnstone, the company's interim chairman, said in a statement. European carmakers get their batteries from South Korea's LG Energy Solution and Samsung, as well as the world's leading producer, CATL of China. Northvolt sought to capture 25 percent of the European battery market by 2030. Last year, the company was able to secure a $5 billion loan from the European Union to expand its production. But it was still not enough to counteract the challenges the company faced, from accidents at a plant in Sweden to the loss of a contract with BMW worth 2 billion euros, or $2.15 billion.
