Northvolt raised more than $13 billion on the promise of a European battery industry. It filed for Chapter 11 in November 2024 with $5.8 billion of debt and about $30 million in cash, and went into Swedish bankruptcy in March 2025, the largest in modern Swedish industrial history. Eighteen months on, the pieces have nearly all been sold. On September 25 the last valuable one found a buyer. Refinyx, a Stockholm startup, came out of stealth by buying Northvolt’s recycling technology: a portfolio of 134 patents and the 13,000-square-foot pilot and lab facility in Västerås.

Energy Vault is buying the project portfolio of Goshe Energy Storage, a Boulder, Colorado developer of utility-scale batteries. The deal adds 15 US projects totaling more than 2.3 GW to Asset Vault, the unit through which Energy Vault owns and operates storage instead of just building it for others. No price was disclosed. The shares rose on the news. Most of that 2.3 GW is pipeline, and pipeline is cheap to announce.

Willdan Group is buying Mantis Innovation, a Houston energy services firm, for $285 million in cash. It’s a big step for Willdan, an engineering and energy efficiency consultancy that mostly works for utilities and public agencies. Mantis gives it a much stronger foothold with private commercial and industrial customers, data centers among them. Mantis employs more than 220 people and expects about $120 million in net revenue this year, with adjusted EBITDA margins in the low 20s.

Mobius Renewables has completed the acquisition of Air Liquide’s biogas production operations across the United States, France, Norway, and Sweden. The deal brings six landfill gas-to-RNG sites in the U.S., five farm waste digestion sites in France, and a 51% stake in Redo Biosolutions — which holds production and distribution assets across Norway and Sweden — under a single platform. The transaction marks the operational completion of Mobius Renewables as a company.