Startup Lyten has reached an agreement to buy the assets of bankrupt Northvolt, aiming to develop lithium-sulfur batteries in Europe.
Ana-Maria Tapescu
International
Foto: Jeppe Gustafsson / Alamy / Profimedia
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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.
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