Lyten, a lithium-sulfur battery manufacturer, has secured over $200 million in additional equity investment, bringing the total investment in Lyten to date to more than $625 million. The company’s existing investors primarily provided the additional funding.
The funding will be used to support the company’s ongoing acquisition strategy and expansion plans in both the U.S. and Europe.
Additionally, the company has acquired the rights to Northvolt’s energy storage products, Voltpack Mobile Systems (VMS), Voltrack, and future BESS products currently in development.
The core members of Northvolt’s energy storage engineering team will be joining Lyten in Stockholm, Sweden, and VMS and future BESS products will be manufactured in Gdansk, Poland.
“We are thrilled by the investment community’s response to our expansion strategy,” stated Dan Cook, Lyten CEO and Co-Founder. Lyten is seeing immediate demand for its battery products in support of energy independence and national security initiatives in the U.S. 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 U.S. and European markets.”
Lyten has been acquiring Northvolt assets since November 2024, when it first announced the acquisition of a lithium-metal battery manufacturing facility and cell-making equipment from Northvolt-owned battery manufacturer Cuberg. In July, the company also announced the acquisition of Northvolt-owned Dwa BESS manufacturing operation in Gdansk, Poland.
Lyten intends to restart BESS manufacturing in Gdansk, Poland, upon the close of the announced acquisition of Northvolt Dwa and targets product deliveries in the fourth quarter of 2025.
According to Mercom’s Q1 2025 Funding and M&A Report for Energy Storage, VC funding in the sector declined 8% year-over-year, with $1.1 billion raised in 18 deals, down from $1.2 billion raised in 23 deals during the same quarter last year.
