Who bought Northvolt's assets

analysisNorthvolt's Chapter 11 first-day declaration, filed in the US Bankruptcy Court for the Southern District of Texas on 21 November 2024, states that in June 2024 Northvolt abandoned its plans to build the Northvolt Fem factory in Borlänge, Sweden, and sold the land to the local municipality; the declaration gives no price. Northvolt's 2023 annual report had listed Northvolt Fem Fastighetsförvaltning AB (org. no. 559281-4767) as a wholly owned subsidiary at 31 December 2023. Swedish company registry records reproduced by a business-information service show that Peter Carlsson (chairman and board member), Alexander Hartman and Fredrik Hedlund left that company's board on 12 August 2024, and that board member Karl Anders Ekwall, deputy Cecilia Swolin and the auditor Ernst & Young Aktiebolag left on 4 October 2024; KPMG AB was auditor until 12 November 2024, and Ernst & Young Aktiebolag is again listed as auditor. Registered in Falun with data-centre activity, the company has carried its current name, EcoDC 2 B1B2 AB, since 23 June 2026. The records show officer and auditor changes only; they name no buyer or price and do not establish whether or when the company left the Northvolt group. ^{1 2 3}

analysisAccording to the same declaration, Northvolt announced in October 2024 that it would stop contributing further capital to its joint venture NOVO Energy, after which Volvo announced that it would exercise its share redemption right and buy Northvolt out of the joint venture; the declaration says negotiations with Volvo were still ongoing. Swedish company registry records reproduced by a business-information service show Northvolt executives leaving the board of NOVO Energy AB: Fredrik Hedlund and Patrik Andreasson on 16 December 2024, and Peter Carlsson, Christofer Haux and Patrick Keinprecht on 26 March 2025, the same day as board member Andreas Martin Alois Klein; chairman Erik Mattias Severinson left on 28 March 2025. The registry records changes of officers only. It records no share transfer, and the records reviewed do not show whether or when Volvo's buyout of Northvolt's stake was completed. As of the registry page's last update on 25 September 2026, NOVO Energy AB's board consisted of chairman Michael Werner Fleiss and members Pooyan Seddighzadeh Yazdi, Ulf Joakim Alpsten and Carin Lena Maria Wiberg, with Lars Oskar Falk as external signatory and Deloitte AB as auditor, and the company's postal address was care of Volvo Car Corporation in Göteborg; further board members had left on 19 May 2025, 28 August 2025 and 18 June 2026, so this board is not the one in place immediately after March 2025. ^{1 2}

analysisNorsk Hydro announced on 13 January 2025 that Hydro and Northvolt had signed an agreement under which Hydro would acquire the remaining shares in the battery recycler Hydrovolt for NOK 78 million, increasing Hydro's ownership from 72 to 100 percent. Hydro said Hydrovolt had been established in 2020 as a 50/50 joint venture and that Hydro had financed its operations alone since the second half of 2024; closing was expected by the end of the first quarter of 2025, subject to conditions including approval by the relevant courts in Northvolt's Chapter 11 process. Norwegian shareholder-register data reproduced by a business-information service, retrieved in October 2026, list Hydro Energi Invest AS (org. no. 921 689 535) as the sole shareholder of Hydrovolt AS (org. no. 925 266 817), holding all 4,123,240 ordinary shares (100 %); the same page gives Hydrovolt's share capital as NOK 61,849 thousand and its 2025 result before tax as minus NOK 131,629 thousand. The page carries no transfer date and does not show when Northvolt's shares passed to the Hydro group. ^{3 4}

analysisLyten announced on 13 November 2024 that it would acquire the lithium-metal battery manufacturing facility and cell-making equipment of Northvolt's US subsidiary Cuberg in San Leandro, California, and take over Cuberg's lease of a 119,000-square-foot building there; Lyten said it intended to convert the plant to lithium-sulfur production of up to 200 MWh at full capacity. The release states no purchase price. Northvolt's Chapter 11 first-day declaration states that Northvolt had announced in August 2024 that it would shut down Cuberg's research and development facility in the San Francisco Bay Area, and that Cuberg intended to wind down its remaining operations in connection with the Chapter 11 cases. ^{1 2 3}

analysisThe declaration also states that Northvolt was engaged in an active sale process covering Northvolt Dwa Industrial, its Poland-based battery assembly business, and Revolt Ett, its battery recycling facility, and that it intended to facilitate those sales in the Chapter 11 cases. Media reported on 12 March 2025, the day Northvolt filed for bankruptcy, that Northvolt had said in February 2025 that it agreed to sell its battery pack business Northvolt Industrial for $6 million in cash to Scania, with Scania taking over all debt and liabilities of the business, and that a Scania spokesperson said the truckmaker still intended to buy it at the originally agreed price; the Chapter 11 sale declarations refer to the buyer only as 'the Purchaser'. The report, which cited Northvolt statements, a February court filing and the Scania spokesperson, added that Northvolt had turned down a higher bid for more assets from an unknown consortium that needed longer for due diligence, that a court hearing set for 10 March 2025 had been postponed indefinitely, and that after the bankruptcy filing asset sales were suspended and the trustee would talk to Scania and other suitors; the sale declarations estimated the assumed liabilities at $11.6 million. A Northvolt spokesperson said the company wanted to deliver the transactions negotiated to date, while the Scania spokesperson declined to comment on a possible bidding war, calling it speculative. On 22 May 2025 trustee Mikael Kubu said that there were interested parties for the various businesses of the Northvolt group, that talks and negotiations were at different stages, and that a sale had already taken place for part of Northvolt Systems AB's business, naming no buyer or price. A machine-generated summary of Northvolt Poland sp. z o.o.'s filed financial statements for 2024, published by a Polish business-information service, states that in 2024 a decision was taken to sell the business producing battery systems and energy storage in Poland and Sweden, accompanied by collective redundancies, and that the company kept operating while preparing the sale of organised parts of the enterprise, one transaction having been completed in April 2025 and a second being in progress. The service says its summaries are generated from source documents with AI; the underlying financial statements were not inspected, and the summary names neither buyers nor prices. The records reviewed do not show whether either sale was the one to Scania, and none of them names Northvolt Poland sp. z o.o. as a seller; Lyten announced on 15 October 2025 that it had completed its acquisition of Northvolt Dwa in Gdańsk. ^{3 4 5 6}

analysisLyten's release of 7 August 2025 listed three earlier purchases of Northvolt assets: Northvolt's Cuberg battery manufacturing facility in California (November 2024); Northvolt Dwa, the battery energy storage system (BESS) manufacturing facility in Gdańsk, Poland, announced in early July 2025 with closing then expected in August 2025; and Northvolt's BESS product and IP portfolio, acquired in late July 2025, a purchase Lyten's 15 October 2025 release dates to the third quarter of 2025. The Dwa closing came later than Lyten had said: in a release dated 15 October 2025 (datelined 16 October 2025) it announced that it had completed its acquisition of Northvolt Dwa, a 25,000-square-metre BESS manufacturing and R&D facility opened in 2023, with equipment for up to 6 GWh of energy storage manufacturing capacity and room to expand to up to 12 GWh. The release gives no price and does not name the selling entity. ^{1 2}

analysisThe same October release said that Robert Chryc-Gawrychowski, previously CEO of Northvolt Poland, who had led Northvolt's work in Poland through the planning, construction and start-up of Northvolt Dwa, had recently been announced as CEO of Lyten Poland and would lead operations at Northvolt Dwa. Polish National Court Register (KRS) data show Lyten Poland sp. z o.o. (KRS 0001057045), registered on 8 September 2023 with share capital of PLN 1 million, at Prof. Witolda Andruszkiewicza 7, 80-601 Gdańsk, the same registered address as Northvolt Poland sp. z o.o.; the official KRS extract as of 5 October 2026 lists Lyten Europe S.A. as sole shareholder, holding 20,000 shares with a total value of PLN 1,000,000. According to KRS data reproduced by a Polish business-information service, Lyten Poland's management board consists of Robert Damian Chryc-Gawrychowski as president since 28 October 2025 and Daniel Mark Cook and Mariah Volk as members; the official extract likewise shows a president and two members, each of whom may represent the company alone. ^{2 3 4 5}

analysisLyten announced on 7 August 2025 that it had entered into binding agreements to acquire Northvolt's remaining assets in Sweden and Germany: Northvolt Ett and Ett Expansion in Skellefteå, Northvolt Labs in Västerås, Northvolt Drei in Heide and all remaining Northvolt intellectual property, with several members of Northvolt's executive team planning to join Lyten. No party disclosed the financial terms. Lyten said the purchase was funded entirely through equity investment from private investors, was subject to Swedish and German governmental and European agency approvals, and was expected to close in the fourth quarter of 2025. The same day trustee Mikael Kubu said that the sale of the battery factory in Skellefteå and the development facility in Västerås had been agreed: Lyten would acquire the factories and the Stockholm head office including all intellectual property, as well as Northvolt's shares in the Northvolt Drei projects in Germany. Certain conditions remained before closing, which the trustee expected in mid-to-late October; the Revolt recycling plant would then remain to be sold. The trustee credited legal advisers including Cederqvist, Milbank and Lindahl, the financiers, Scania, Skellefteå municipality, Business Sweden, the Swedish government and the unions. Closing came later than either had expected: Lyten announced completion of the Swedish part on 26–27 February 2026, later giving 27 February 2026 as the closing date, and signed a binding agreement for Revolt on 13 March 2026. ^{1 2 3}

analysisA Swedish news summary of 15 August 2025, citing an interview with a Swedish business daily, reported that Kubu would never disclose the purchase price Lyten paid and that most of the money would go to the lending banks and to Scania, because a large part of Northvolt's assets were pledged or subject to security transfers; the summary added that Northvolt's assets had earlier been valued at around SEK 50 billion and that the American buyer had reportedly obtained a 'heavy discount'. The summary does not attribute the discount remark to a named person; the price and any discount are not documented in the records reviewed, and neither Lyten's completion release of 26–27 February 2026 nor its release of 13 March 2026 states a purchase price. ⁴

analysisIn a release headed 26 February 2026 (datelined 27 February 2026) Lyten announced that it had completed the acquisition of Northvolt Ett and Ett Expansion in Skellefteå and Northvolt Labs in Västerås, comprising 16 GWh of existing battery manufacturing capacity, more than 160 hectares of land, infrastructure and buildings, and the battery research and development centre; its release of 13 March 2026 gives 27 February 2026 as the closing date. Neither release states a purchase price. Lyten described the Swedish assets it acquired as totalling nearly $5 billion in value and the full Northvolt acquisition as including manufacturing assets with a book value of $5 billion, having described the assets in August 2025 as previously valued at approximately $5 billion; these are Lyten's own figures, not a purchase price, which no party disclosed. Lyten said it was funding its Northvolt acquisitions with equity investments from existing and new North American and European investors and with capital from EdgeConneX's investment in a data-centre site. Lyten said that, in connection with closing its Swedish acquisition, EdgeConneX, a data-centre developer and EQT portfolio company, planned to acquire from Lyten a data-centre site in Skellefteå with potential capacity of up to one gigawatt, within a 'Lyten Industrial Hub' at the former Northvolt Ett site; Lyten's 13 March 2026 release said it had signed an agreement with EdgeConneX on the acquisition of a data-centre site of up to 1 GW. The German part had not closed in the records reviewed: Lyten announced an exclusive memorandum of understanding on the Northvolt Drei assets on 1 July 2026, and media reported in October 2026 that the takeover of the Heide site was delayed. ^{5 2 1}

analysisSwedish company registry records reproduced by business-information services list Lyten's CEO Daniel Cook as chairman and board member of the Swedish companies bearing the Lyten name: Lyten AB (org. no. 559550-2856, a Stockholm head-office company registered in 2025 to support related companies' battery production, development, marketing and sales), Lyten Sweden AB, Lyten Ett AB, Lyten Ett Expansion AB, Lyten Labs AB, Lyten Revolt AB and Lyten Dormant AB, and of the former Northvolt property companies Lyten Ett Fastighetsförvaltning AB and Lyten Labs Fastighetsförvaltning AB. In its 2026 releases Lyten describes itself as a company founded in 2015 that has received more than $625 million in equity investment and secured letters of intent for $650 million of financing from the Export-Import Bank of the United States; it says it is privately held with more than 1,000 investors, including Stellantis, FedEx, Honeywell, Prime Movers Lab, the European Investment Fund and the Luxembourg Future Fund, that no single external investor holds more than 5 % of its equity, and that its US headquarters are in San Jose, California, and its European headquarters in Luxembourg. The releases name Dan Cook as CEO and co-founder and Lars Herlitz as chairman and co-founder. This is Lyten's self-description; its shareholdings and financing commitments are not documented in the records reviewed. ^{6 7 2 5}

analysisLyten announced on 13 March 2026 a binding agreement to acquire Northvolt Revolt Ett ('Revolt'), the former Northvolt battery recycling plant in Skellefteå with an installed recycling capacity of 8,500 tonnes per year, including licences to key technology; no party disclosed the financial terms. Lyten said the purchase was fully funded from equity investment in Lyten, was going through the Swedish legal and regulatory approval processes and was expected to close in the second quarter of 2026. The records reviewed do not show whether the Revolt transaction closed. ¹

analysisFor the Heide site, media reported on 1 October 2026, quoting a Lyten executive via a news agency, that Lyten's takeover of the Northvolt site in Heide was delayed, negotiations and work on the final purchase agreement being far advanced and in the last phase but more time being needed for remaining legal and commercial details, while the sale had been expected in the third quarter of 2026; no signed final agreement was found in the records. In its 7 August 2025 release Lyten had also stated that it was committed to pursuing the acquisition of Northvolt Six in Quebec, then constructing a 15 GWh first-phase battery plant, and that it was actively progressing discussions with Northvolt North America, the Government of Canada, the Government of Québec and other local stakeholders. That was a statement of intent; the records reviewed show no agreement between Lyten and the Canadian Northvolt companies. On 2 September 2025 the Quebec government announced the end of its financing of Northvolt Batteries North America, and CCAA proceedings were opened on 5 September 2025. ^{2 3}

analysisRefinyX announced on 25 September 2026 that, at its launch, it had acquired the 134-patent technology portfolio and the 1,200-square-metre (13,000-square-foot) materials-science pilot and laboratory facility in Västerås formerly owned by Northvolt; it described itself as founded and led by the senior team behind Northvolt Revolt, Northvolt's former recycling division, with co-founders Mahmood Alemrajabi (CEO), Ramiar Vaziri (CTO) and Dhruv Malhotra (Chief Business Officer). A trade-press report of 1 October 2026 repeated these details; neither gives a purchase price or names the selling entity. A Swedish news-summary item dated 25 September, citing an international news agency, reported that Stockholm-based Refinyx, founded by former Northvolt executives, was buying the bankrupt Northvolt's battery-recycling technology. That item shows no year and reports no price; it sits among feed items about events of August and September 2026 and coincides with RefinyX's own launch release, so it is treated as a September 2026 report. RefinyX's release says the company is backed by the investment company Qarlbo Energy, which will take an active ownership role as RefinyX scales up, and that Qarlbo Energy is owned by the investment company Qarlbo and by Thisbe, a FAM-owned company within the Wallenberg Foundations' industrial holdings; the release quotes Michel Thomas as CEO of Qarlbo Energy. ^{1 2 3}

analysisSwedish company registry records reproduced by a business-information service show RefinyX AB (org. no. 559528-0420) as an active Stockholm limited company registered in 2025, with share capital of SEK 50,000 and its current name since 18 March 2026, whose objects cover technology for urban mining, recycling and refining of waste into reusable raw materials. The same records show that on 26 August 2026 Mahmood Alemrajabi left the chair and board of RefinyX AB and Dhruv Malhotra, Ramiar Sadegh Vaziri and Ragnar Gustaf Sjödahl left the board; as of the page's update on 1 October 2026 the board consisted of chairman Michel Thomas, board member Ingrid Erika Ståhl and deputy Matilda Eleonora Kyringer-Jurell, with Mahmood Alemrajabi as external managing director. The records do not state the reason for the change. ⁴