Bankrupt Swedish battery maker Northvolt had stepped up production of high-quality battery cells at its Skellefteå plant before operations were halted, a former executive said on Friday, a major factor in sealing a deal to sell the company, Reuters reported. Northvolt, once seen as Europe's answer to dominant Chinese battery manufacturers, filed for bankruptcy in March and ceased production in June after failing to secure a buyer in time. U.S. battery startup Lyten said on Thursday it would buy most of Northvolt's assets, reviving hopes of a European battery champion.

U.S. battery startup Lyten has agreed to buy most of bankrupt Swedish battery maker Northvolt, it said on Thursday, potentially offering a way back for the European company that was once seen as the region's answer to rivals in Asia, Reuters reported. Lyten, a Silicon Valley battery startup developing lithium-sulphur cells as a cleaner alternative to lithium-ion, is backed by Jeep-owner Stellantis and U.S. delivery services provider FedEx.

California-based battery startup Lyten has raised $200 million from existing investors to acquire assets from the bankrupt Swedish manufacturer Northvolt AB, TechinAsia.com reported. This funding will facilitate the restart of production at Northvolt’s factory in Gdansk, Poland. The Gdansk facility, idled earlier this year, will initially resume operations using nickel-based battery cells previously developed by Northvolt. Lyten plans to begin customer deliveries from the plant by the fourth quarter of 2025.

Intrum AB, a Swedish debt collector, has announced the immediate departure of CEO Andres Rubio following the company's recapitalization and exit from U.S. chapter 11 bankruptcy proceedings, AIInvest.com reported. Rubio will be succeeded by CFO Johan Akerblom, who previously worked at Citadele Banka AS and SEB AB in Germany and the Baltics. Akerblom will now lead Intrum as it focuses on its commercial development strategy. Intrum AB provides payment solutions and credit and collection services in Europe and internationally, operating through the Servicing and Investing segments.

The number of bankruptcies in Sweden continues to tick higher as the uncertainty surrounding tariffs weighs on consumers’ willingness to spend, Bloomberg News reported. In May, 906 limited liability companies were declared bankrupt, up 3% from the same month a year ago, according to data compiled by credit reference agency Creditsafe i Sverige AB. The year-to-date figure of 4,616 bankruptcies is on par with last year’s tally. Read more.

Swedish automotive battery maker Northvolt, which declared bankruptcy in March, plans to wind down its remaining battery cell production in the Nordic country by the end of June, its trustee said on Thursday, Reuters reported. Northvolt filed for bankruptcy in Sweden on March 12, making it one of the country's largest corporate failures and effectively ending Europe's best hope of developing a rival to challenge China.

Swedish and Norwegian policymakers left their key rates unchanged Thursday, mirroring the Federal Reserve’s decision to hold a day earlier as they assess the economic impact of tariffs, the Wall Street Journal reported. Sweden’s central bank held its key policy rate at 2.25% but suggested that further rate cuts could be on the horizon if U.S. President Trump’s tariff hikes threaten to weaken economic growth and push inflation lower. Policymakers said that uncertainty in the global economy has increased significantly since Trump took office, not least as a result of the new U.S.

Volvo Cars' battery company Novo Energy said on Monday it will cut its workforce by 50% to reduce costs after evaluating its business to take account of the bankruptcy of Sweden's Northvolt, which originally co-owned the venture, Reuters reported. "Despite our best efforts to secure our business and an extensive ongoing search for a suitable new technology partner, the current economic challenges and market conditions have made it impossible to maintain our operations at the current scale," Novo Energy CEO Adrian Clarke said in a statement.

Volkswagen's truckmaker Scania said on Friday it had agreed to buy bankrupt Northvolt's division that makes battery packs for heavy industry, reviving a transaction first presented in February, for an undisclosed price, Reuters reported. Sweden's Northvolt filed for bankruptcy last month in one of the country's largest corporate failures, bringing to an end Europe's best hope of developing a rival to Asian electric vehicle battery makers.