STORY: Many of Northvolt's creditors will lose a lot of money in the Swedish battery maker's bankruptcy.

That’s according to a process trustee, who added on Friday (August 8) that the sale of the business to U.S. battery startup Lyten is a significant achievement.

Lyten is backed by Jeep-owner Stellantis and delivery service FedEx,

and said on Thursday that it would buy most of Northvolt.

The move offers a way back for the European company that was once seen as the region's answer to EV battery rivals in Asia.

Northvolt filed for bankruptcy in March, becoming one of Sweden's largest corporate failures.

The company received much criticism that it had overpromised, while failing to deliver battery cells deemed good enough quality for clients.

Lyten hopes to quickly restart the flagship plant in northern Sweden and resume deliveries of lithium-ion battery cells in 2026. Related Videos

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