US startup Lyten to buy troubled European battery maker Northvolt

STOCKHOLM (Reuters) -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. 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. The deal revives hopes for European battery independence after Northvolt - the continent's potential rival to major Chinese electric vehicle battery makers - filed for bankruptcy in March, making it one of Sweden's largest corporate failures, with a frantic push to find a buyer.