Lyten Finalizes $5 Billion Acquisition of Northvolt, Plans Major Expansion in Sweden

Lyten, an American company, has completed its acquisition of Northvolt's bankruptcy estate, a deal valued at $5 billion (approximately 45 billion kronor). The acquisition includes Northvolt’s extensive facilities in Skellefteå—one of Europe's largest battery manufacturing plants—and a battery laboratory in Västerås. The deal, announced initially in August, experienced delays but was finalized on February 27, 2026.

This acquisition positions Lyten as a prominent leader in Europe's battery manufacturing and research landscape. Dan Cook, CEO and co-founder of Lyten, emphasized that the deal enables Lyten to operate the continent's largest battery manufacturing facility and the largest research and development center for batteries.

Capitalizing on growing customer demand, Lyten plans to employ around 600 new staff within the next year. This hiring surge aligns with Lyten’s broader long-term employment strategy to scale operations and meet expanding market needs. Moreover, Lyten is collaborating with data center company EdgeConneX, part of the EQT portfolio, to develop a new data center in Skellefteå, complementing the acquisition and boosting the regional technological infrastructure.

The acquisition not only marks a significant investment in Sweden’s battery and technology sector but also reinforces Skellefteå's status as a European hub for battery innovation. As Lyten takes over and expands Northvolt’s assets, the Swedish region is expected to benefit from increased employment opportunities and enhanced research capabilities.