Latest news with #NorthvoltSix
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.
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.
