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Lyten , a Silicon Valley barrage fire inauguration , announced today that it ’s acquire manufacturing assets from Northvolt , a Swedish battery manufacturing business that ’s face up a cash crunch .
As part of the deal , Northvolt is sell manufacturing equipment the company inherit in its 2021 accomplishment ofCuberg , another battery inauguration . Lyten will also assume the lease of Cuberg ’s old manufacturing facility in San Leandro , California . Lyten will invest $ 20 million next year to expand quickness in San Leandro and its existing operations in San Jose .
Neither Lyten nor Northvolt straightaway replied to questions about the deal ’s financial terms .
Unlike many other bombardment manufacturing business , Lyten is n’t relying on nickel , cobalt , manganese , or even iron for its cathode materials . alternatively , it ’s using loud and abundant S unify into a graphene ground substance . On the anode side , it does n’t apply any graphite , a stuff that facesexport restrictionsfrom China . The company says the compounding results in cellular telephone that have greater get-up-and-go concentration than nickel note - manganese - cobalt flavors but are cheaper to farm than low - cost atomic number 3 - iron - phosphate .
Northvolt has been struggling lately . The company has struggled to surmount up production of Li - ion batteries , and it missed manner of speaking of a large order from BMW , which nudged the car manufacturer to nullify a € 2 billion contract .
To maintain John Cash , the company announced in August that it wouldshutterresearch and ontogeny at the Cuberg web site , lay off nearly 200 employees . Then in September , it say that it waslaying off an extra 1,600 employees , about 20 % of its work force , and that it had halt two plan mill expansions .
It ’s indecipherable whether that cost - cutting and sight with Lyten will be enough to help Northvolt get through the upcoming yr . Last week , Bloombergreportedthat Northvolt needs to raise nearly $ 1 billion to give it some respiration room ; the company ’s cognitive process reportedly cauterize through about $ 100 million a calendar month .
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While Northvolt is on the skids , Lyten appears ascendent .
The San Jose - establish inauguration is design to separate soil next year on a factory in Nevada with a planned capacitance of 10 gigawatt - hours . When complete , the $ 1 billion readiness will produce Li - sulfur battery destine for micromobility vehicles like scooters and e - bikes , and defense and space software like drones and satellites . The troupe expect it to come online in 2027 .
Lyten ’s leverage of Northvolt ’s Cuberg asset give it the equipment and space to bring out up to 200 megawatt - hours of atomic number 3 - sulfur batteries in the Bay Area . That should give the society some receipts while it set up its tumid factory in Nevada .
Lyten has call forth $ 476 million to day of the month at a $ 1.17 billion valuation , according to PitchBook , include a$200 million roundthat closed last class .
