Warsaw (Reuters) -Silicon Valley Startup Lyten will assume full possession of Northolvit Dwa Esse, the most important power storage programs manufacturing unit in Europe, in a transfer to broaden its product line, mentioned the US firm Tuesday.
Northvolt offered chapter occasion in March, one of many biggest company failures in Sweden and successfully finish the most effective hope of Europe to develop a rival to problem Chinese batteries producers. He introduced the closing of the manufacturing unit in November final yr.
“We plan to instantly restart the operations in Poland and ship the prevailing and new orders of consumers,” mentioned Dan Cook, CEO and co-founder of Lyten, in a observe.
The manufacturing of 25,000 sq. meters (269,000 sq. foot) battery accumulation system in GDansk, Poland, was opened in 2023.
The construction contains gear for a most of 6 gigawatt-hour of power storage manufacturing capability and the imprint of increasing to 10 GWh sooner or later, Lyten declared in a declaration, including that he had contracted the orders that stretch in 2026.
The monetary phrases of the transaction, which must be accomplished within the third quarter, haven’t been disclosed.
(Report by Anna Koper and Marek Strzelecki. Editing by Mark Potter)
