It is reported that U.S.-based battery startup Lyten has raised $200 million from existing investors to acquire the assets of bankrupt battery manufacturer Northvolt AB.
The company stated that the funds will be used to purchase Northvolt’s intellectual property related to energy storage systems and to resume production at its previously announced acquisition target — Northvolt’s assembly plant in Poland. Lyten also indicated that the funds may support further acquisitions.
The investors include Prime Movers Lab, Luxembourg Future Fund, Stellantis, and FedEx Corp. Keith Norman, Chief Marketing and Sustainability Officer of Lyten, stated that the company is accelerating its expansion into the European stationary energy storage and military drone markets while adjusting its previous strategy of solely focusing on producing battery cells for the U.S. market.
Source: WeChat Official Account—电池中国
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