Why northvolt Is Trending Today?

Northvolt, a Swedish battery manufacturer, has raised $600 million in a funding round led by Goldman Sachs. The company aims to use the funds to expand its battery production capacity in Europe. Northvolt's goal is to produce 150 gigawatt-hours of battery capacity by 2030, supporting the continent's transition to renewable energy.

American company Lyten has expressed interest in purchasing Northvolt's battery plant in Quebec, with a potential investment of $7 billion. This comes after Northvolt's previous EV battery project in Quebec was put on hold. Meanwhile, in Sweden, Northvolt's remaining assets in Sweden and Germany are set to be acquired by Lyten, with plans to rehire most of the previously laid-off workforce. The deal, valued at around $1.5 billion, is expected to be finalized soon, marking a significant turnaround for Northvolt after facing financial difficulties.

U.S. startup Lyten has acquired the assets of bankrupt European battery maker Northvolt, including its planned $5 billion gigafactory in Europe. This deal brings hope for the Heide, Germany site, as Lyten aims to restart operations and create jobs. The acquisition, valued at around $100 million, includes Northvolt's intellectual property and technology.