"If we can support a nation's effort to defend itself, I think it's honourable," said company CEO Dan Cook. Image of Lyten-manufactured drone.
UPDATE: FRI, 09:20
P4 Västerbotten reports that Lyten, which already produces batteries for drones and for the U.S. defence industry, is also open to producing military material in Skellefteå.
– If we can support a nation's effort to defend itself, I think it's honourable, company CEO Dan Cook told the radio station.
Cook had previously been asked by Norran if production for military purposes was an option. He replied as follows:
– We already deliver to drone customers in the US. Then there are also implementations for the aerospace industry and other military applications that require the same type of cells. Over time, we will expand to meet our customers' needs.
Skellefteå municipality sees no problems with the proposal. Both mayor Lorents Burman and city manager Kristina Sundin Jonsson commented on the matter to P4.
– I won't go into what these batteries are used for. That's the responsibility of the owners and other authorities, Burman says.
– This issue of security and resilience is becoming increasingly important, and we have also seen the government speak out on it. From that point of view, I think this is what we will be seeing, says Sundin Jonsson.
UPDATE: THURS, 13:20
Kubu: Rehiring can begin before Lyten's purchase goes through - if the buyer wants
Lyten, which has signed a binding agreement to buy Northvolt Ett and Northvolt Expansion in Skellefteå, has announced that they want to rehire previous staff, but has not specified how many and when other than that it will be "thousands over time".
Bankruptcy trustee Mikael Kubu doesn't rule out the possibility of hiring staff before Lyten officially takes over the factory in October.
– It's something we'll handle in consultation with the buyer, but we have nothing to announce yet, Kunu tells Norran.
Mikael Kubu, the Northvolt trustee.
Is it possible for the bankruptcy estate to hire new employees before the takeover date, if the new buyer wants it?
– Absolutely, if the new buyer wants to expedite the process. It's something we work on collaboratively with buyers and sellers. If a buyer wants to accelerate the timeline, we're happy to help make that happen.
Regardless of whether the employment begins before or after the start date, priority applies, meaning that people who have been employed for at least 12 months during a 36-month period are first in line. Read more about this here.
UPDATE: WEDS, 11:25
It has been reported by Dagens Industri (Di) that the sustainability fund Footprint Coalition, founded by Hollywood actor Robert Downey Jr., is among the investors in the technology company Lyten, which announced its acquisition of Northvolt last week.
The report is based on an application for tax relief that Lyten filed in Nevada. The document required the company to provide a detailed list of owners. However, only two investors were explicitly named: the automotive company Stellantis, which holds less than a 2 percent ownership stake, and the telecommunications company Nokia, with a stake of less than 1 percent. The remaining ownership is reportedly divided among 800 unnamed investors.
Di also referenced the business database Pitchbook, which lists 21 of Lyten's owners, including a number of venture capital firms. Pitchbook's list also includes Footprint Coalition, as well as several U.S. government entities like the Department of Energy and the Department of Defense.
The identity of the individuals who ultimately control the company remains unknown, according to Di. Lyten CEO Dan Cook has stated in an interview that several billionaire financiers are involved, but their names have not been disclosed.
UPDATE: 11:20
After Northvolt's sale to the American Lyten, Scania is now considering buying batteries from the plant again. This is reported by Sveriges Radio and Dagens Industri .
– We are open to a constructive dialogue when they get started, says Gustaf Sundell, vice president at Scania, to DI.
As recently as May – two months after the bankruptcy – Scania, the last customer, announced that they would stop buying batteries from Northvolt.
UPDATE: 09:45
Several companies will lose significant amounts of money because of Northvolt's bankruptcy, as many of its debts will remain unpaid.
One of the affected companies is H-Safety, which specializes in workplace safety and fire protection. They had grown rapidly thanks to the Northvolt battery factory.
– We do not have high expectations and do not expect to get the money back, says Mattias Hedlund, CEO of H-Safety, to SVT.
According to SVT, Northvolt's debts in two of the bankrupt companies total 80 billion kronor.
Friday's press conference in full here.
UPDATE: 14:30
Cook was very positive about the current set-up at Ett.
– There's a great set of facilities, but there was also a great set of people - they are some of the most dedicated, hard-working people that I've run into in the industry. They have already solved, unbeknownst to many, a lot of the problems that got Northvolt into this situation.
– I need to really emphasise that we will really focus on the step-by-step achievement of incremental volumes. 1.8 gigawatts at a time, to be exact. Now that is really what our strategy is about.
UPDATE: 13:30
Dan Cook is asked if Lyten is collaborating with another battery manufacturer.
He replies:
– First of all, I just want you to know that we already have a very talented group of employees. (Chinese company) CATL will not be part of this factory. There is no reason with lithium sulphur and the existing technologies. We are not cooperating more than we have to with foreign companies. We have to build independence for Europe and the US.
"We are here to create new job opportunities and reinvent Northvolt's products. We want to start hiring right away," says Lyten CEO, Dan Cook.
UPDATE: 12:35
Dan Cook, CEO and co-founder of Lyten, begins by thanking everyone involved for making this deal possible.
– This week has been the most exciting week of my professional life, he says.
He says that Lyten is today the world's leading manufacturer of lithium-sulphur batteries.
– We are here because there are talented engineers and technicians up here in the north. We are here to create new job opportunities and reinvent Northvolt's products. We want to start hiring right away, says Cook.
He calls the acquisition a defining moment in the company's history.
Cook was asked how Lyten would make the factory a success when Northvolt had failed.
His answer was forthright:
– I've worked in the automotive sector all my career. I'm an engineer who's worked in Detroit factories. When I walked around Northvolt Ett, I saw that it had everything we needed, including the staff. I already know how to make it a success.
UPDATE: 16:55
Peter Carlsson offers congratulations to Lyten.
Norran spoke with bankruptcy trustee Mikael Kubu just minutes after Lyten was announced as the buyer of the bankrupt Northvolt company. On the phone, he said he was on his way to Skellefteå to attend the press conference scheduled for Friday morning.
He is noticeably relieved.
– Yes, absolutely. I'm relieved that we managed to finalise an agreement, he says.
Minister for Energy and Industry Ebba Busch participated by video.
Would you say it's a good deal?
– I can say that it's positive to have a buyer who can hold the assets together and who is taking over what is left. But it's probably not fair to say that it's a success for the creditors.
Because the purchase price doesn't cover the debts?
– No, absolutely not.
How much did they have to pay?
– I can't say. The purchase price is confidential.
The agreement was completely finalised last night after a long period of intensive work. According to Kubu, it has been especially hectic with long negotiations and complex agreements throughout July and August.
– It's been an enormous amount of work, not least in July, and many of us haven't had any vacation at all, he says.
At the same time, there has been pressure to get the agreement finalised in time.
– It has been a race against the clock. It costs a lot to maintain the factory, even though we have scaled back production and other things.
How much time would you say was left?
– Not much. It was a matter of weeks before we would have been forced to sell off the parts separately. And then there would have been no turning back.
Now what remains is regulatory approval and some administrative work before the takeover can take place. Until then, the bankrupt estate, along with the new buyer, is keeping the business running. Kubu believes that the takeover could happen in mid or late October.
Do you expect them to be approved in the regulatory review?
– Yes, as far as I know, there shouldn't be any issues. But it is primarily the buyer who is making that analysis, says Kubu.