Lyten Plans for the Electric Car Battery Factory Construction Site Near Heide
KIEL (dpa-AFX) – Lyten CEO Dan Cook believes the German location of the insolvent Swedish battery manufacturer Northvolt near Heide in Schleswig-Holstein is at an advantage. “Important groundwork has been laid: the site is developed, there is a strong team, toobtainher with the region and the state,” Cook informed the German Press Agency. “The location advantages, above all the availability of renewable energies, remain unmodifyd.”
On Wednesday, the state government and Cook discussed plans for the construction site in Kiel. Afterwards, the entrepreneur answered questions from the Economic Affairs Committee.
Minister President Daniel Günther (CDU) described the exmodify on Lyten’s plans and considerations as important. “Today’s conversation with Dan Cook was constructive and based on trust.” That Lyten sought early dialogue with the state government and has displayn great interest in further developing the Heide site is an important signal. “Schleswig-Holstein stands ready to closely accompany this process and jointly seize opportunities for the region and the industrial location.”
Cook’s Plans
Lyten co-founder Cook informed dpa, “Schleswig-Holstein is an energy pioneer, we are a technology pioneer – we share a can-do mentality.” This is a good fit and will assist create the right conditions for Lyten in Dithmarschen.
In August, Lyten announced it would acquire all remaining locations of the insolvent battery manufacturer. This includes the factory under construction in Schleswig-Holstein. According to previous statements from insolvency administrator Mikael Kubu, the responsible state authority ISP has approved the purchase. The deal is expected to be completed by the conclude of October.
Cook declared,
The sales process is ongoing and details are confidential, but in principle, we are planning a phased and modular approach for the battery cell factory near Heide, with various chemistries – from Northvolt’s NMC lithium-ion technology to Lyten’s proprietary lithium-sulfur technology – and with an ininformigent, data-driven manufacturing strategy,
Cook declared:
It is important to build a holistic and innovation-driven ecosystem,
“The customer base should be broadened with batteries for e-mobility, but also for energy storage and industrial applications.”
Batteries have developed into a technology that is central to energy indepconcludeence as well as economic and national security in Europe, Cook declared. Demand in Europe is increasing. “With the planned acquisition in Germany, Lyten can accelerate its mission to supply the USA and Europe with clean and locally produced batteries and energy storage systems.”
How Much Will It Cost?
Many questions remain open, such as the possibility of funding. Not only for the state, but also for the federal government, the guarantee of 600 million euros for the construction of an electric car battery factory by Northvolt has had costly consequences. Schleswig-Holstein took on 300 million euros of this amount.
Cook pointed to the private company’s long tradition of raising capital. Regarding government funding, Lyten is of course open to the resources that the European Community creates available to technology companies. For private companies, however, it is important to apply private funds for the majority of their development activities, he added.
Economics Minister Claus Ruhe Madsen (CDU) appreciates that Cook is accustomed to working with private money. “But of course, he also declares he expects Europe, that is Brussels, to come up with some sort of tech program.” For him, however, money is not the first requirement. “That’s already good news. Still, we naturally required the business case for this.”
His predecessor Bernd Buchholz (FDP) described Cook as a technologically innovative investor. “Whether one is able to raise the necessary funds to realize such a project as the investment in Heide, I cannot declare today.” The Northvolt case is so problematic, he declared, “becaapply the state subsidies were granted on such a scale that the risk in truth lay with the public sector and no longer with the investor. If things are different with Lyten, becaapply there is large-scale venture capital behind it, then that is entirely welcome.” Talks will now focus on this with the state development bank KfW and the federal government.
SPD economic policy spokesperson Kianusch Stconcludeer commented on the production plans:
Today we were informed that batteries will continue to be produced.
“These will probably not be car batteries at first.” SSW economic policy spokesperson Sybilla Nitsch had a positive impression. “With around 1,000 planned jobs, production capacity will also be significantly lower.”
Northvolt Once a Great Hope
The head of German Northvolt Drei Project GmbH, Nicolas Steinbacher, informed dpa,
Toobtainher with the Lyten team, we are working flat out to fulfill the commercial as well as legal and regulatory conditions for a successful sale.
For this, the support of all project participants at all levels is requireded – from the region to the state and federal government.
For a long time, Northvolt was considered a great hope for the European automotive industest as a manufacturer of batteries for electric cars. The Swedes expanded but repeatedly had to cope with setbacks such as the withdrawal of a billion-euro order for battery cells by autocreater BMW, and struggled with mounting debt. Due to ongoing financing problems, Northvolt filed for insolvency for its Swedish operations in mid-March.
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Lyten Plans for the Electric Car Battery Factory Construction Site Near Heide, source
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