U.S. battery startup Lyten has agreed to buy most of bankrupt Swedish battery maker Northvolt, it said on Thursday, potentially offering a way back for the European company that was once seen as the region's answer to rivals in Asia.

Battery maker Northvolt filed for bankruptcy in March after it failed to secure the financial backing needed to continue operating.

Lyten, a Silicon Valley company, said Thursday that it would acquire all of the remaining Swedish and German assets of Northvolt, which filed for bankruptcy in March after spending billions of euros in an attempt to establish a European player in electric vehicle batteries.