Silicon Valley startup Lyten said on Tuesday it would fully acquire Northvolt Dwa ESS, Europe's largest energy storage system factory, in a move aimed at expanding its product line.
Northvolt filed for bankruptcy in March, one of Sweden’s largest corporate bankruptcies, effectively dashing Europe’s biggest hope of creating a competitor to Chinese battery makers. The company announced the closure of the factory in November last year. In the 2024 Global Unicorn List released by Hurun Research Institute, Northvolt was valued at 143 billion yuan.
"We plan to immediately restart operations at our factory in Poland and fulfill existing and new customer orders," Lyten CEO and co-founder Dan Cook said in a statement.
The 25,000 square meter (269,000 square foot) production and development facility for battery energy storage systems in Gdansk, Poland, opened in 2023.
The facility is equipped to produce up to 6 GWh of energy storage capacity, with room to expand to 10 GWh in the future, Lyten said in a statement. In addition, the company has secured contracts to run until 2026.
The transaction is expected to close in the third quarter and financial terms were not disclosed.
