Northvolt assets in Sweden, Germany sold to a U.S. company
Posted August 7, 2025 12:23 pm.
Northvolt’s assets in Sweden and Germany have been sold to Lyten, a U.S. company. Regarding North America, Lyten has reportedly “expressed a clear interest,” but nothing has been announced yet.
The transaction, announced Thursday, includes the Northvolt Ett, Ett Expansion, and Northvolt Labs facilities in Sweden, as well as Northvolt Drei in Germany. The value of the transaction was not disclosed.
Lyten also acquires all of Northvolt’s remaining intellectual property.
While “the due diligence process continues regarding Northvolt North America,” Economy Minister Christine Fréchette announced the Quebec government will meet with representatives of the new entity and “listen to what it proposes.”
She specified that Quebec has “levers to regulate, or reject, the acquisition of the Quebec portion of Northvolt.”
According to her, it is our “responsibility to rigorously assess this new situation and to consider potential offers from the potential buyer regarding Quebec.”
Northvolt declared bankruptcy in Sweden on March 12, after an “exhaustive effort to explore all available means to ensure a viable financial and operational future for the company.”
At the time, the Quebec government expressed hope that a “buyer who will invest to take over all activities in North America” would be found.
Northvolt is leading a project for a battery cell megafactory in Montérégie. The plant, to be built in Saint-Basile-le-Grand and McMasterville, is a $7 billion project.
The Legault government had invested $270 million in the Swedish parent company Northvolt AB, and Minister Fréchette confirmed that this amount had lost its value. The Caisse de dépôt et placement du Québec had also invested $200 million in the Swedish company.
–This report by La Presse Canadienne was translated by CityNews
