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.
