Lyten secures over $200 million to support its acquisition strategy
Lyten intends to accelerate its acquisition strategy and expansion plans in the US and Europe with the additional capital. Lyten has also acquired the rights to Northvolt’s energy storage products, Voltpack Mobile Systems (VMS), Voltrack and future BESS products currently in development.
Lyten, a US-based supermaterial applications and lithium-sulfur batteries technology company, has announced that it has secured more than USD 200 million in additional equity investment. This brings total investment to date in Lyten to more than USD 625 million.
The additional investment is provided primarily from current investors. Lyten intends to accelerate its acquisition strategy and expansion plans in both the US and Europe with the additional capital, the company said in a media release.
Additionally, Lyten announced it has acquired the rights to Northvolt’s energy storage products, Voltpack Mobile Systems (VMS), Voltrack and future BESS products currently in development. This is Lyten’s third Northvolt-related acquisition since November 2024.
The VMS product is already in its third generation, with commercial installations throughout Europe. 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.
Lyten previously announced the acquisition of two Northvolt assets. In November 2024, Lyten announced the acquisition of Northvolt’s Cuberg battery manufacturing facility in California and earlier in July announced its plans to acquire Northvolt Dwa, Europe’s largest Battery Energy Storage System (BESS) manufacturing facility, located in Gdansk, Poland.
“We are thrilled by the investment community’s response to our expansion strategy,” said 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.”
“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,” said Zia Huque, Lyten investor and General Partner at Prime Movers Lab. “The ability to efficiently scale manufacturing capacity is critical for Lyten right now to meet the rapidly growing demand for its products.”
Lyten intends to immediately restart BESS manufacturing in Gdansk, Poland, upon the close of the previously announced acquisition of Northvolt Dwa and targets product deliveries in the fourth quarter of 2025. Deliveries will initially target existing European customers and then quickly expand to a wide range of global markets, including AI datacenter, industrial, commercial, and grid applications.
Lyten and Northvolt intend to close the transaction of the Northvolt Dwa facility in Poland and Northvolt System’s BESS product portfolio in Sweden in the third quarter of 2025, the media release said.
