Cuberg Founder and the “Buyer” Both Want Money from Northvolt
Lyten, the new operator of Cuberg’s former facility, and the startup’s founder, Richard Wang, have both filed claims in Northvolt’s Chapter 11 bankruptcy. These developments raise questions about Cuberg’s abrupt closure and the circumstances surrounding its "sale".
In November, Swedish Northvolt filed for Chapter 11 bankruptcy in the United States, including its former American subsidiary, Cuberg. This was three months after Cuberg shut down all operations in San Leandro amid the financial difficulties at Northvolt. Following the first of three planned auctions where assets were sold, San Jose-based battery manufacturer Lyten took over the facility lease and acquired the remaining equipment. The purchase price was not disclosed, but new court filings reveal Lyten is now seeking $1.08 million from Northvolt, which raises questions about the deal.
Richard Wang, Cuberg’s founder, has also filed a claim for $90,563. Wang was ousted in February when a new CEO was brought in. Additionally, a former Cuberg employee seeks nearly $10,000 in unpaid salary, challenging Northvolt’s earlier statement that all employee obligations were resolved after the facility’s closure in August.
Cuberg, acquired by Northvolt in 2021, was renowned for its lithium-metal battery technology targeting the aviation sector. The San Leandro facility had been expanded earlier this year, but its sudden closure marked a dramatic shift in Northvolt’s strategy, forcing the company to prioritize its European projects.
Lyten, now operating from the San Leandro facility, has not commented on its claim or the transition. Richard Wang has also not responded to SVNB’s requests for comment.
The final hearing in Northvolt’s Chapter 11 case is scheduled for December 17 in Houston, Texas. The proceedings will address claims from Lyten, Wang, and others, potentially shaping the future of Cuberg’s remaining assets, including its intellectual property portfolio.
Northvolt, co-founded by Tesla Palo Alto alumnus Peter Carlsson, raised substantial capital to become a leader in Europe’s battery industry—however, challenges in securing additional funding led to the Chapter 11 filing.
Also, here are earlier articles about Cuberg and Northvolt:
Northvolt's Chapter 11 Includes Cuberg
Swedish battery manufacturer Northvolt has filed for Chapter 11 bankruptcy protection in the U.S. The filing includes its subsidiary Cuberg in San Leandro, which ceased operations earlier this year but still holds a patent portfolio.
One Northvolt Bidder Took it All
After "outstanding" interest in the first auction after Cuberg, Northvolt canceled the remaining two. Instead, San Jose-based Lyten is taking over the facility lease and acquiring the remaining equipment. Northvolt says all former Cuberg employees have now been paid.
Northvolt Ends Funding for Cuberg's Final Salaries
Cuberg, a now-closed subsidiary of Northvolt, is struggling to pay its 200 former employees their final salaries after Northvolt 'ended funding,' according to an internal message leaked to the media.
Northvolt's Unknown Funding from the U.S.
Northvolt’s subsidiary, Cuberg, received millions of dollars in grants from California and the Department of Energy before the inauguration of its facility outside San Francisco earlier this year. However, in August, Northvolt announced the closure of the facility, citing a shift in research operations to Sweden, which left around 200 employees without …