Lyten, a developer of lithium-sulfur batteries and advanced graphene materials, has secured more than $200 million in additional equity funding, bringing its total raised capital to over $625 million. The new investment, led primarily by existing backers, will support Lyten’s ongoing acquisition strategy and planned expansion across the United States and Europe.
As part of its growth initiatives, Lyten has acquired rights to Northvolt’s Battery Energy Storage System (BESS) product portfolio, including the Voltpack Mobile Systems (VMS), Voltrack, and future BESS developments. This marks Lyten’s third transaction related to Northvolt assets since November 2024. Under the agreement, core members of Northvolt’s energy storage engineering team will join Lyten’s Stockholm office, and production of VMS and forthcoming BESS products will take place at the Gdansk facility in Poland.
Lyten previously announced two related acquisitions: Northvolt’s Cuberg battery manufacturing plant in San Leandro, California, in November 2024, and plans to acquire Northvolt Dwa—touted as Europe’s largest BESS manufacturing site—in Gdansk, Poland. Upon closing the Northvolt Dwa transaction, Lyten intends to resume BESS production in Gdansk immediately and aims to begin delivering systems by the fourth quarter of 2025. Initial deliveries will focus on existing European customers, followed by broader distribution to markets including AI data centers, industrial and commercial users, and utility-scale grid applications.
“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 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.”
Zia Huque, Lyten investor and General Partner at Prime Movers Lab, added, “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.”
Lyten, founded in 2015 and headquartered in San Jose, California, with European offices in Luxembourg and Stockholm, holds more than 540 patents and is currently manufacturing in San Jose. The company’s proprietary Lyten 3D Graphene platform underpins its lithium-sulfur batteries and other decarbonizing technologies.
Source: Lyten
