Northvolt and Lyten: which assets were sold and which deals remained proposed?

analysisThe transaction record is organised by facility and asset package, rather than a single transfer of the entire Northvolt group. Lyten’s February 2026 announcement said it completed the Ett, Ett Expansion and Labs asset acquisition in Sweden. It described 16 GWh of existing capacity, more than 160 hectares and nearly $5 billion in asset value. That figure was not presented as the purchase price. ¹

analysisThe release’s header and dateline differ by one day, so this dossier uses February 2026 for completion. Its forward plans for restarting production and delivering cells remain corporate intentions at the announcement date. A familiar factory name also does not establish that a new Lyten operating company is the same legal person as a bankrupt Northvolt seller. ¹

analysisThe October 2025 Dwa release announced completion of the Gdańsk manufacturing and research facility acquisition. Lyten described equipment capable of ramping to 6 GWh and possible further expansion to 12 GWh. These are capacity descriptions, not demonstrated production or sales. The statement named Robert Chryc-Gawrychowski, formerly Northvolt Poland’s chief executive, to lead Lyten Poland. ²

analysisThe November 2024 Cuberg release concerned San Leandro equipment and a facility lease, with a plan to adapt lithium-metal manufacturing assets for lithium-sulfur batteries. Its body described a future transfer, but Lyten’s August 2025 account subsequently said the Cuberg facility had been acquired in November 2024. The later account supports the reported completion; it still does not establish that all projected expansion investment was spent. ^{3 4}

analysisRevolt followed a different path. A March 2026 release announced a binding agreement for the recycling site and technology licences, with undisclosed terms and an expected second-quarter closing. The company said approval processes remained under way. The separate completion of Ett and Labs cannot supply the missing evidence of a later Revolt closing. ⁵

analysisThe July 2026 German MoU brought together Lyten, KfW, Northvolt Drei Project and LG Batterie. It was a step toward an asset purchase, while the state government said definitive documents remained to be negotiated. In an October 1 update, Lyten still described final contractual work and open legal and commercial points. The record therefore supports an ongoing proposed disposal at that date. ^{6 7 8}

analysisIn August 2025 Lyten announced agreements for a broad package of Swedish and German assets and intellectual property, expecting fourth-quarter completion after approvals. The trustee also said conditions remained. That release described BESS products and intellectual property as already acquired in July, while the Canadian project remained under discussion. The subsequent records show different paths and dates for the facilities, so the broad early announcement cannot stand in for each later outcome. ^{4 9}

analysisLyten named Matthias Arleth as its Swedish chief executive and described financing from investor equity and EdgeConneX’s data-centre-site investment. Its restart, sales and hiring targets were prospective at the announcement date. Those operational plans and the site arrangement explain the buyer’s stated approach without proving every later target was met. ^{5 1}