Battery technology firm Lyten has raised over $200 million in new funding to accelerate its expansion in energy storage, including the acquisition of Northvolt’s Battery Energy Storage System (BESS) product portfolio. The latest capital injection, primarily from existing investors, brings Lyten’s total funding to over $625 million.
The company plans to restart manufacturing operations in Poland by the end of 2025 and ramp up production for growing industrial, AI, and grid market demand. Lyten recently acquired Northvolt’s BESS product line, which includes the Voltpack Mobile Systems (VMS), Voltrack, and other energy storage systems in development.
“The VMS product is already in its third generation, with commercial installations throughout Europe,” Lyten said in a statement, following the announcement of the acquisition.
As part of the deal, key members of Northvolt’s energy storage engineering team will join Lyten’s operations in Stockholm. The systems will be manufactured at the company’s site in Gdansk, Poland. This marks Lyten’s third acquisition from Northvolt since November 2024, following earlier purchases of Northvolt’s Cuberg facility in California and the planned acquisition of the Northvolt Dwa plant—Europe’s largest BESS manufacturing site.
“We are thrilled by the investment community’s response to our expansion strategy,” said Dan Cook, Lyten CEO and Co-Founder. “This capital is focused on rapid, capital-efficient expansion of manufacturing and onboarding world-leading talent in both the US and European markets.”
David Ku, a Lyten investor and former Microsoft Corporate Vice President of AI, emphasized the importance of battery storage for AI infrastructure. “Success in AI is determined by the ability to deliver abundant, reliable power,” Ku said. “Battery energy storage is a critical piece of AI data centre infrastructure. Lyten’s lithium-sulphur batteries are uniquely positioned to deliver the performance and supply chain independence necessary to meet AI’s insatiable need for batteries.”
Lyten and Northvolt expect to finalize the acquisition of both the Dwa facility and the Swedish energy storage portfolio in the third quarter of 2025. The company said it will prioritize deliveries to existing European customers before expanding globally.
Lyten, founded in 2015, already operates a pilot production line in San Jose, California. That facility began shipping A-samples of its 6.5 Ah lithium-sulphur pouch cells to Stellantis and other automakers in May 2024 and will also supply B-samples and limited commercial volumes for non-EV applications. Investors in Lyten include Stellantis, FedEx, Honeywell, Walbridge, and Prime Movers Lab.