Northvolt AB, the cash-strapped European battery maker, reached a deal to sell its US factory to a startup that’s trying to reduce America’s reliance on China for batteries.
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Lyten got a boost last year from a law that bans the Defense Department from buying batteries produced by China’s biggest manufacturers, which is part of a push to decouple the Pentagon’s supply chain from its geopolitical rival. The startup is still in the process of raising money for the Reno plant. A little less than half of the $1 billion for the factory is expected to come from equity financing. It plans to get the remaining funds through debt and grants, including public infrastructure bonds, loans from the Department of Energy and funding mechanisms in the Inflation Reduction Act, President Biden’s signature climate legislation.
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