Refinyx has acquired Northvolt’s 134-patent recycling technology portfolio and pilot facility in Sweden
Its technology aims to recover battery-grade nickel, cobalt and lithium without conventional solvent extraction
The company says it has secured its first major US customer and plans to scale through industrial partnerships
Refinyx, a Swedish critical materials recovery technology company founded by former Northvolt executives, has emerged from stealth with the acquisition of Northvolt’s battery recycling technology portfolio
The acquisition includes 134 patents and a 13,000-square-foot (1,200-square-meter) materials science pilot and laboratory facility in Västerås, Sweden, previously owned by Northvolt. The financial terms of the transaction were not disclosed.
Founded by former Northvolt Revolt executives Mahmood Alemrajabi and Ramiar Vaziri, Refinyx aims to recover battery-grade nickel, cobalt and lithium from end-of-life batteries, manufacturing waste and other industrial waste streams. Northvolt Revolt was the recycling division of Swedish battery manufacturer Northvolt.
According to the company, its technology eliminates conventional solvent extraction and intermediate refining stages, potentially reducing chemical consumption, waste handling and plant footprint. Refinyx’s co-founders say they developed the technology over eight years at Northvolt Revolt, advancing it through three generations and implementing it at an industrial-scale plant in Skellefteå, Sweden.
Its technology, the company claims, does away with the intermediate steps that “force most Western recyclers to ship partially refined material to Asia for final upgrading”. Refinyx argues its process could support localized processing and recycling capacity in markets seeking to strengthen their domestic critical materials supply chains.
“The need is becoming increasingly urgent as the U.S., EU and other markets look to build more resilient domestic critical materials supply chains and expand local processing and recycling capacity,” stated Mahmood Alemrajabi, CEO and Co-Founder of Refinyx.
Under its business model, rather than focusing solely on developing and operating its own recycling facilities, Refinyx plans to partner with established industrial operators. It will provide technology and engineering expertise to help partners design, build and scale commercial-scale critical materials recovery plants.
Backed by Swedish investment company Qarlbo Energy, Refinyx said its first major US customer has already signed an agreement, although it did not disclose the customer's identity, the agreement's value or the planned project capacity.
Co-founder and Chief Business Officer Dhruv Malhotra said Refinyx aims to compete on cost, quality and reliability rather than relying on government subsidies, green premiums or national security incentives to make critical materials recycling commercially viable.
“A large part of the sector has been building its business case on three premiums the market is not going to pay long-term: a green premium, a government-subsidy premium, and a national-security premium. There is no rescue price coming,” added Malhotra.
Northvolt’s battery manufacturing operations received financial support from European institutions, including the European Investment Bank (EIB). However, rising capital costs, geopolitical instability, supply chain disruptions and changing market demand contributed to its financial difficulties, leading to its bankruptcy filing in March 2025 (see Europe Solar PV News Snippets).
Northvolt’s assets were subsequently acquired by US-based Lyten, including its remaining intellectual property, 16 GWh of operational battery manufacturing capacity, 6 GWh of advanced BESS capacity and 15 GWh of capacity under construction.
The Swedish battery maker’s bankruptcy was followed by other European lithium-ion phosphate battery cell manufacturer Morrow Batteries in May 2026 (see Europe’s Morrow Batteries Files For Bankruptcy).
