Startup Lyten has reached an agreement to buy the assets of bankrupt Northvolt, aiming to develop lithium-sulfur batteries in Europe.

Lyten, a California startup, has announced the acquisition of the remaining assets of Northvolt, a former European battery leader that went bankrupt. The move could strengthen Europe's battery industry by reducing dependence on China. Lyten is developing cheaper and more sustainable lithium-sulfur batteries and plans to build the first such gigafabrication plant in Nevada with an investment of more than $1 billion. The company has attracted significant investment and is working with major industry players.