Lyten has secured over $200 million in new investment, bringing their total funding to more than $625 million. This capital will fuel their acquisition strategy, including the recent acquisition of Northvolt’s Battery Energy Storage System (BESS) product portfolio, and support their expansion into the US and European markets.
Lyten, a pioneering supermaterial applications company renowned for its advancements in lithium-sulfur batteries, has announced a significant boost to its strategic expansion, securing over $200 million in additional equity investment. This latest funding round elevates Lyten's total investment to date beyond $625 million, largely from existing investors, and is earmarked to accelerate its acquisition strategy and global growth, particularly across the US and European markets.
In a key development, Lyten also revealed the acquisition of Northvolt’s Battery Energy Storage System (BESS) product portfolio, including Voltpack Mobile Systems (VMS), Voltrack, and future BESS products under development. This marks Lyten's third acquisition of Northvolt-related assets since November 2024, demonstrating a clear and aggressive strategy to bolster its manufacturing capabilities and market presence. The core engineering team behind Northvolt’s energy storage systems will join Lyten in Stockholm, Sweden, integrating valuable expertise into the company's operations.
Lyten intends to swiftly restart production of these acquired energy storage systems in Gdansk, Poland, targeting product deliveries in the fourth quarter of 2025. This follows the anticipated close of its previously announced acquisition of Northvolt Dwa, Europe’s largest BESS manufacturing facility, also located in Gdansk. Initial deliveries will cater to existing European customers, with plans to rapidly expand to global markets, including critical sectors like AI datacenters, industrial, commercial, and grid applications.
Dan Cook, Lyten CEO and Co-Founder, expressed enthusiasm for the investment community's robust support for their expansion. Cook highlighted the immediate demand for Lyten's battery products, driven by growing needs for energy independence and national security initiatives in the US and Europe. He noted that markets such as drones, defense, datacenters, and BESS are actively seeking battery solutions independent of Chinese supply chains – a demand Lyten is uniquely positioned to meet with its domestically sourced and manufactured lithium-sulfur batteries.
Zia Huque, a Lyten investor and General Partner at Prime Movers Lab, praised Lyten's acquisition-led growth, attributing it to the company's advanced technology and the leadership team's distinct experience in private equity. David Ku, another Lyten investor and former Microsoft Corporate Vice President of AI, emphasized the crucial role of battery energy storage in delivering reliable power for AI datacenters, asserting that Lyten's lithium-sulfur batteries offer the performance and supply chain independence vital for AI's burgeoning energy requirements.
