Lyten, a manufacturer of lithium-sulfur batteries, has secured over $200 million in equity investment, bringing its total funding to over $625 million. This will support its expansion in the U.S. and Europe.
Recently, Lyten acquired Northvolt’s Battery Energy Storage System (BESS) product portfolio, including Voltpack Mobile Systems (VMS) and Voltrack. Notable members of Northvolt’s energy storage engineering team will join Lyten in Stockholm. This marks Lyten’s third acquisition from Northvolt since November 2024, following the purchase of the Cuberg battery facility in California and plans for Europe’s largest BESS manufacturing facility in Gdansk, Poland.
Lyten aims to resume BESS production in Gdansk by Q4 2025, initially targeting European customers before expanding into global markets like AI data centers. The company is committed to providing non-Chinese supply chain battery solutions for various applications.
Lyten plans to restart BESS manufacturing upon completing the Northvolt Dwa acquisition and expects product deliveries to commence in Q4 2025. Founded in 2015, Lyten holds over 540 patents related to its proprietary 3D Graphene material.
The closure of the Northvolt Dwa transaction and the BESS portfolio in Sweden is anticipated in the third quarter of 2025.
KEY QUOTES:
“We are thrilled by the investment community’s response to our expansion strategy. Lyten is seeing immediate demand for its battery products in support of energy independence and national security initiatives in the US and Europe. Drones, defense, datacenters and BESS are all markets seeking battery solutions independent of Chinese supply chains. This capital is focused on rapid, capital-efficient expansion of manufacturing and onboarding world-leading talent in both the US and European markets.”
Dan Cook, Lyten CEO and Co-Founder
“We continue to be impressed by Lyten’s ability to grow through acquisitions. This is a testament to both Lyten’s technology and its leadership team’s experience in private equity, which is unique in the battery industry. The ability to efficiently scale manufacturing capacity is critical for Lyten right now to meet the rapidly growing demand for its products.”
Zia Huque, Lyten investor and General Partner at Prime Movers Lab
“Success in AI is determined by the ability to deliver abundant, reliable power. Battery energy storage is a critical piece of AI data center infrastructure. Lyten’s lithium-sulfur batteries are uniquely positioned to deliver the performance and supply chain independence necessary to meet AI’s insatiable need for batteries.”
David Ku, Lyten Investor and former Microsoft Corporate Vice President of AI and CTO of the Artificial Intelligence + Research division
