Battery manufacturer
Approval for Northvolt takeover granted
The takeover of the insolvent battery manufacturer Northvolt by the US company Lyten is approved. The business should be completed next month.
According to insolvency administrator Mikael Kubu, nothing stands in the way of taking over the insolvent of Swedish battery manufacturer Northvolt by the US company Lyten. The responsible state authority ISP has given the purchase its approval, as Kubu told the Swedish radio. This has all the necessary permits together. The deal should therefore be completed by the end of October.
Lyten announced in August to take over all the remaining locations of the insolvent battery manufacturer. Among them is the factory near Heide in Schleswig-Holstein. Information on the financial framework of the agreement was not given.
Large battery production system in Heide
The US specialist had already secured a large Northvolt plant in California in November 2024. In addition, the company had announced from the Silicon Valley to take over the great work of the Swedes in Gdansk in Poland. Lyten wants to stick to the factory near Heide. A battery production system with an initial capacity of 15 gigawatt hours is to be created.
As a manufacturer of batteries for electric cars, Northvolt was a great hope of the European automotive industry for a long time. The Swedes expanded, but had to cope with new setbacks such as the withdrawal of a billion -dollar order for battery cells by the car manufacturer BMW and struggle with increasing debts. Due to persistent financing problems, Northvolt had submitted bankruptcy application for the company in Sweden in mid -March.
dpa
Source: Stern
