US battery start-up Lyten is buying Northvolt’s key assets out of bankruptcy and aims to revive the failed Swedish battery group’s gigafactory and research laboratory as well as plans for its German and Canadian expansion.

Silicon Valley startup Lyten said on Thursday it had agreed to buy bankrupt Northvolt's remaining assets in Sweden and Germany, potentially reviving Europe's hopes of building a domestic electric vehicle battery industry to reduce reliance on China.

US battery manufacturer Lyten said Thursday it was acquiring all the remaining assets of its bankrupt Swedish rival Northvolt in Sweden and Germany, saying it plans to restart production once the transaction closes.