Lyten Finalizes Northvolt Bankruptcy Acquisition, Embarks on Strategic Shift

On February 27, 2026, American startup Lyten officially completed its acquisition of Northvolt's bankruptcy estate, including a battery factory in Skellefteå and a development facility in Västerås. Valued around 45 billion kronor, the deal was met with celebration among the 175 employees at the facilities. Matthias Arleth, Lyten's Sweden chief, praised the persistent efforts of the on-site team throughout the past year since Northvolt's bankruptcy.

Lyten's operational approach marks a significant departure from Northvolt's ambitious, rapid expansion model. Instead of relying on borrowed funds for swift scaling, Lyten is adopting a cautious and financially sound strategy, aiming to leverage existing manufacturing equipment to enable a shorter ramp-up period. The company intends to fine-tune one production line at a time and align hiring with production and sales growth, a more measured pace than Northvolt's previous strategy.

Innovatively, Lyten introduces a new battery chemistry that replaces cobalt, graphite, and nickel—materials heavily supplied by China—with sulfur. This renders the batteries lighter and more thermally resistant, though potentially bulkier and with shorter life spans, tailoring them more toward energy storage applications rather than automotive use. This product is still in early commercialization stages and will be launched in parallel with conventional battery production.

The acquisition and Lyten's strategic plan aim to stabilize and gradually grow the Swedish battery industry presence, correcting what Carl Johan von Seth described as two of Northvolt's "fatal mistakes."