GermanyThe German assets of the insolvent Swedish battery cell manufacturer Northvolt are reportedly being acquired by the US startup Lyten for around 60 million euros. This agreement involves the state development bank KfW and the governments of Germany and Schleswig-Holstein. While the deal aligns with information provided to the Deutsche Presse-Agentur, no official confirmation has been made yet. The state government remains in negotiations with Lyten, and the cabinet along with two parliamentary committees will address the matter next week. Lyten plans to build a battery cell factory, a battery storage facility, and a data center on the site in Heide, though employment numbers will drop significantly compared to Northvolt’s original plan. The federal government and the state of Schleswig-Holstein had previously guaranteed a convertible bond worth approximately 600 million euros issued by KfW, resulting in a financial loss exceeding 200 million euros for Schleswig-Holstein.
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