Lyten has announced plans to acquire manufacturing facilities located in Germany and Sweden that were previously owned by Northvolt, a company that filed for bankruptcy in March.
The acquisition is part of Lyten's strategy to expand its production capabilities in Europe, leveraging the existing infrastructure of the Northvolt factories.
This move highlights the ongoing shifts in the battery manufacturing sector, particularly in light of recent financial challenges faced by companies in the industry.
Details regarding the financial terms of the acquisition and the future plans for the factories have not been disclosed.