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Battery as a Service (BaaS) Market 2025 - Growth Outlook, Lyten Acquisition & Regional Trends
Battery as a Service Market
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Latest Developments in the Battery as a Service (BaaS) Market 2025
• Lyten Acquires Northvolt's Assets: U.S.-based battery startup Lyten has agreed to acquire the majority of Swedish battery maker Northvolt's operations, including its Skellefteå plant, energy storage unit in Poland, and projects across Sweden and Germany. This acquisition aims to revive Europe's aspirations for battery independence and is expected to resume lithium-ion battery production by 2026. Lyten's focus is on developing cleaner lithium-sulphur battery technologies, backed by Stellantis and FedEx.
• FlexGen Power Systems Files Bid for Powin: In July 2025, FlexGen Power Systems filed a stalking-horse bid to acquire rival Powin, a U.S.-based battery energy storage system (BESS) integrator, as part of Powin's Chapter 11 bankruptcy proceedings. This move indicates consolidation in the battery storage sector, aiming to strengthen market positions.
• Battery as a Service Market Valuation: The global battery as a service market was valued at USD 262.46 million in 2024 and is projected to reach USD 2,087.40 million by 2033, growing at a CAGR of 25.91% over the forecast period from 2025 to 2033. This growth is driven by the increasing adoption of electric vehicles (EVs) and the demand for flexible energy solutions.
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Mergers & Acquisitions in the Battery as a Service Market (2025)
• In August 2025: Lyten, a U.S.-based battery startup, announced plans to acquire Northvolt's key assets, including its Skellefteå gigafactory and energy storage unit in Poland. This strategic move aims to revitalize Europe's battery manufacturing capabilities and expand Lyten's presence in the BaaS sector.
• In July 2025: Sensata Technologies completed the acquisition of Dynapower, a provider of energy storage solutions, for approximately $580 million. This acquisition enhances Sensata's product offerings in battery charging and energy management, aligning with the growing demand for BaaS solutions.
• In July 2025: Hero MotoCorp launched the VIDA VX2 electric scooter with a Battery-as-a-Service (BaaS) subscription model. This initiative allows customers to subscribe to batteries instead of purchasing them outright, reducing the upfront cost of electric vehicle ownership and promoting greater adoption of electric mobility solutions.
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Battery-as-a-Service (BaaS) Market Trends and Growth Opportunities 2025
In Asia-Pacific, the region dominates the market with over 80% share in 2024, led by China, India, and Taiwan, where battery swapping technologies for two- and three-wheelers are gaining momentum. Companies such as Gogoro and NIO are expanding their networks, supported by favorable government policies.
In the United States, battery storage systems are growing rapidly, with a 22% increase in 2025, making them a key driver for the clean energy sector. Companies like Ample are piloting modular battery swapping stations in urban areas in collaboration with automakers.
In Australia, the National Renewable Network (NRN) raised $67.2 million to expand home solar solutions, aiming to install battery systems across 3,000 sites within 12 months, addressing energy price volatility and promoting sustainable energy.
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