Lyten brings back Northvolt executives following asset acquisition

STOCKHOLM (Reuters) -Northvolt buyer Lyten said on Thursday it had appointed the last chief operating officer of the bankrupt Swedish battery maker as the new CEO of Lyten Sweden, and also recruited several other former executives of the failed company.

Silicon Valley-based startup Lyten, which develops lithium-sulfur batteries, unexpectedly announced last month that it was buying Northvolt's assets, offering a lifeline to future European battery production for electric vehicles.

The new CEO of Lyten Sweden is Matthias Arleth, who joined Northvolt in July of last year shortly after news began to emerge of the company's problems.

Lyten said Sami Haikala would come back to his previous position as head of the Northvolt Labs R&D unit in Sweden, and Markus Danglemaier would come back to his previous position as head of the Northvolt Ett factory in Sweden.

The new leadership team under Lyten CEO Dan Cook brings experience in industrial transformation and deep knowledge of Northvolt's assets and operations, the company said in a statement.

"These executives played a pivotal role in stabilising operations and delivering to customers over the last year," it said. "Filling these initial executive roles is an important enabling step to restarting operations in Sweden and Poland."

When co-founder and CEO Peter Carlsson stepped down in November as CEO Arleth effectively led the company together with two other executives through the bankruptcy in June.

(Reporting by Anna Ringstrom and Marie Mannes, editing by Terje Solsvik)

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