WARSAW (Reuters) -Silicon Valley startup Lyten will take full ownership of Northvolt Dwa ESS, Europe’s largest energy storage systems factory, in a move to expand its product line, the U.S. company
US startup Lyten to take over Northvolt's energy storage systems factory in P...
WARSAW (Reuters) -Silicon Valley startup Lyten will take full ownership of Northvolt Dwa ESS, Europe’s largest energy storage systems factory, in a move to expand its product line, the U.S. company said on Tuesday.
Northvolt filed for bankruptcy in March, one of Sweden's largest corporate failures and effectively ending Europe's best hope of developing a rival to challenge Chinese battery makers. It announced the factory's closure in November last year.
"We plan to immediately restart operations in Poland and deliver on existing and new customer orders," Dan Cook, Lyten CEO and co-founder, said in a statement.
The 25,000 square metre (269,000 square feet) battery energy storage system manufacturing and R&D facility in Gdansk, Poland, opened in 2023.
The facility includes equipment for up to 6 gigawatt-hours of energy storage manufacturing capacity and the footprint to expand to 10 GWh in the future, Lyten said in a statement, adding that it had contracted orders extending into 2026.
The financial terms of the transaction, which is expected to be completed in the third quarter, were not disclosed.
(Reporting by Anna Koper and Marek Strzelecki. Editing by Mark Potter)
