Latest news with #lithiumsulphur
CTV News
a day ago
- Business
- CTV News
American company Lyten interested in purchasing Northvolt battery plant in Quebec
Signage seen at the entrance to the Northvolt plant, dubbed Northvolt Six, in Saint-Basile-le-Grande, Que., on Thursday, March 27, 2025. THE CANADIAN PRESS/Christinne Muschi 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. 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.
Yahoo
2 days ago
- Automotive
- Yahoo
Factbox-US startup seeks to recharge Europe's fallen battery icon Northvolt
By Marie Mannes and Alessandro Parodi STOCKHOLM (Reuters) -Silicon Valley startup Lyten said on Thursday it had agreed to buy bankrupt Northvolt's remaining assets in Sweden and Germany, potentially reviving Europe's hopes of building a domestic electric vehicle battery industry to reduce reliance on China. Here are some details about Lyten, Northvolt's collapse and lithium-sulphur batteries. WHO IS LYTEN? Founded in 2015, Lyten started out in a shipping container in California, but has gained backing from Chrysler-parent Stellantis and U.S. delivery giant FedEx. 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. WHAT HAPPENED TO NORTHVOLT? 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, Volkswagen, 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, with 19%. WHY IS LITHIUM-SULPHUR SIGNIFICANT? 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. WHO IS BACKING LYTEN? Lyten has raised over $625 million from investors including Stellantis, FedEx, and the U.S. government. Other investors and partners include Honeywell, a supplier to planemaker Boeing and Airbus, venture capital firm Prime Movers Lab, and Canadian miner Wallbridge, according to Lyten's website. Sign in to access your portfolio
Reuters
2 days ago
- Automotive
- Reuters
US startup seeks to recharge Europe's fallen battery icon Northvolt
STOCKHOLM, Aug 7 (Reuters) - Silicon Valley startup Lyten said on Thursday it had agreed to buy bankrupt Northvolt's remaining assets in Sweden and Germany, potentially reviving Europe's hopes of building a domestic electric vehicle battery industry to reduce reliance on China. 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 ( 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 ( opens new tab, Volkswagen ( 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 ( opens new tab, venture capital firm Prime Movers Lab, and Canadian miner Wallbridge ( opens new tab, according to Lyten's website.
Yahoo
2 days ago
- Automotive
- Yahoo
US startup Lyten to buy troubled European battery maker Northvolt
By Marie Mannes STOCKHOLM (Reuters) -U.S. battery startup Lyten has agreed to buy most of bankrupt Swedish battery maker Northvolt, it said on Thursday, potentially offering a way back for the European company that was once seen as the region's answer to rivals in Asia. Lyten, a Silicon Valley battery startup developing lithium-sulphur cells as a cleaner alternative to lithium-ion, is backed by Jeep-owner Stellantis and U.S. delivery services provider FedEx. The deal revives hopes for European battery independence after Northvolt - the continent's potential rival to major Chinese electric vehicle battery makers - filed for bankruptcy in March, making it one of Sweden's largest corporate failures, with a frantic push to find a buyer. "Our plans are... in large part to pick up where the Northvolt team left off," Lyten CEO Dan Cook told Reuters, declining to disclose the purchase price beyond saying it was at a "substantial discount" to the original asset value. Northvolt has received much criticism that the company overpromised while failing to deliver battery cells deemed good enough quality for clients, even with help from its biggest customer, truckmaker Scania. Lyten hopes to restart the flagship Skelleftea plant in northern Sweden and resume deliveries of lithium-ion battery cells in 2026. It acquired Northvolt's energy storage business in Poland in July, Europe's largest, and is targeting automotive, defence and energy storage markets. Cook said several of Northvolt's former management would be joining Lyten, though not founder and ex-CEO Peter Carlsson. "We are focused on developing to be the leaders in locally sourced, locally manufactured batteries for both the North American and European markets right now," he said. Lyten said in July that it had secured over $200 million in additional equity investment to support its acquisitions and expansion plans. Cook said Lyten would prove its worth to Northvolt's former customers by focusing first on providing high yields to a single customer. Northvolt's order book once totaled over $50 billion from automakers such as BMW, Volkswagen and Audi. "We actually think they'll come back, perhaps quicker than people believe," said Cook, Leyton's co-founder. The deal includes Northvolt's projects in Sweden and Germany, as well as its intellectual property. Work was also underway to acquire its Canadian unit. Before its collapse, Northvolt expanded across the Atlantic but later refocused on Sweden as its financial crisis deepened, selling assets for nominal sums.
Reuters
2 days ago
- Automotive
- Reuters
US startup Lyten to buy troubled European battery maker Northvolt
STOCKHOLM, Aug 7 (Reuters) - U.S. battery startup Lyten has agreed to buy most of bankrupt Swedish battery maker Northvolt, it said on Thursday, potentially offering a way back for the European company that was once seen as the region's answer to rivals in Asia. Lyten, a Silicon Valley battery startup developing lithium-sulphur cells as a cleaner alternative to lithium-ion, is backed by Jeep-owner Stellantis ( opens new tab and U.S. delivery services provider FedEx (FDX.N), opens new tab. The deal revives hopes for European battery independence after Northvolt - the continent's potential rival to major Chinese electric vehicle battery makers - filed for bankruptcy in March, making it one of Sweden's largest corporate failures, with a frantic push to find a buyer. "Our plans are... in large part to pick up where the Northvolt team left off," Lyten CEO Dan Cook told Reuters, declining to disclose the purchase price beyond saying it was at a "substantial discount" to the original asset value. Northvolt has received much criticism that the company overpromised while failing to deliver battery cells deemed good enough quality for clients, even with help from its biggest customer, truckmaker Scania. Lyten hopes to restart the flagship Skelleftea plant in northern Sweden and resume deliveries of lithium-ion battery cells in 2026. It acquired Northvolt's energy storage business in Poland in July, Europe's largest, and is targeting automotive, defence and energy storage markets. Cook said several of Northvolt's former management would be joining Lyten, though not founder and ex-CEO Peter Carlsson. "We are focused on developing to be the leaders in locally sourced, locally manufactured batteries for both the North American and European markets right now," he said. Lyten said in July that it had secured over $200 million in additional equity investment to support its acquisitions and expansion plans. Cook said Lyten would prove its worth to Northvolt's former customers by focusing first on providing high yields to a single customer. Northvolt's order book once totaled over $50 billion from automakers such as BMW ( opens new tab, Volkswagen ( opens new tab and Audi. "We actually think they'll come back, perhaps quicker than people believe," said Cook, Leyton's co-founder. The deal includes Northvolt's projects in Sweden and Germany, as well as its intellectual property. Work was also underway to acquire its Canadian unit. Before its collapse, Northvolt expanded across the Atlantic but later refocused on Sweden as its financial crisis deepened, selling assets for nominal sums.
