Funding of Over $200 Million Achieved for Progression of Acquisition Plan by Lyten
Lyten Accelerates Expansion with Major Acquisitions and New Investments
Lyten, a leading lithium-sulfur battery manufacturer, has announced an aggressive expansion strategy that involves acquiring key assets from Northvolt across Europe. This move is aimed at rapidly scaling production and technology deployment in the electric vehicle, energy storage, and AI data center sectors.
The heart of this strategy is the acquisition of Europe's largest battery plant in Gdansk, Poland, previously owned by Northvolt. This facility, capable of producing grid-level energy storage systems, will immediately resume lithium-sulfur battery manufacturing upon completion of the acquisition. Product deliveries are targeted for Q4 2025. Alongside this acquisition, Lyten has acquired Northvolt's Battery Energy Storage System (BESS) product portfolio based in Stockholm, Sweden, including mobile and stationary energy storage products like Voltpack Mobile Systems (VMS) and Voltrack. Notable members of Northvolt's energy storage engineering team will join Lyten's Swedish team.
Lyten's acquisitions don't stop here. The company has entered binding agreements to acquire all remaining Northvolt assets in Sweden and Germany, including Northvolt Ett and Ett Expansion facilities. These facilities represent about $5 billion in assets and include 16 GWh of existing capacity, more than 15 GWh under construction, plans to scale beyond 100 GWh, and the largest battery R&D center in Europe (Västerås). Lyten intends to rehire many of Northvolt's former workforce and expand local employment alongside its product commercialization efforts.
In parallel, Lyten continues pilot-scale production in San Jose, California, where it has shipped pouch cell samples to automakers like Stellantis and is developing lithium-sulfur EV batteries.
To support this expansion, Lyten has secured over $200 million in new equity investment, bringing its total funding to over $625 million. This capital will be focused on rapid, capital-efficient expansion of manufacturing.
Lyten's unique technology and leadership team's experience in private equity in the battery industry are highlighted as key factors in this successful expansion strategy. The investment community has shown a positive response to Lyten's strategy, with investors like David Ku and Zia Huque expressing confidence in Lyten's ability to meet the insatiable need for batteries in AI and other sectors.
The closure of the Northvolt Dwa transaction and the BESS portfolio in Sweden is anticipated in the third quarter of 2025. Lyten aims to resume BESS production in Gdansk by Q4 2025, initially targeting European customers.
This marks Lyten's third acquisition from Northvolt since November 2024. The company is onboarding world-leading talent in both the US and European markets to support its growth. Markets seeking battery solutions independent of Chinese supply chains, such as drones, defense, datacenters, and BESS, are expected to benefit from Lyten's non-Chinese supply chain battery solutions.
In conclusion, Lyten's strategic acquisitions and investments position the company to lead in lithium-sulfur battery technology, aiming for rapid commercial deployment and energy independence goals. Success in AI, determined by the ability to deliver abundant, reliable power, and battery energy storage is a critical piece of AI data center infrastructure. With its unique technology, experienced team, and robust funding, Lyten is well-positioned to meet this demand.
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