Lyten Raises $200 Million, Targets Northvolt Energy Storage Portfolio Expansion

• California-based Lyten has secured $200 million to scoop up Northvolt’s battery-storage product line and Polish factory, lifting its total funding above $625 million.

Lyten has bolstered its war chest with more than USD 200 million in fresh equity, giving the lithium-sulfur battery specialist enough headroom to snap up a third tranche of assets from the now-bankrupt Swedish cell maker Northvolt. The raise pushes Lyten’s cumulative funding beyond USD 625 million and was supplied largely by existing backers, who signalled strong support for the California company’s accelerated roll-up strategy.

The new capital is earmarked for the purchase of Northvolt’s entire battery-energy-storage-system (BESS) product portfolio in Stockholm—including the Voltpack Mobile Systems platform, the Voltrack grid unit and next-generation designs still on the drawing board. Key engineers from Northvolt’s storage division will transfer to Lyten’s team as part of the deal, providing immediate know-how and a beachhead in Scandinavia.

It marks the third Northvolt carve-out Lyten has announced in nine months. In November 2024 the firm bought Northvolt’s Cuberg lithium-metal pilot line in San Leandro, California, and earlier this month it struck an agreement for “Northvolt Dwa,” Europe’s largest BESS factory, in Gdańsk, Poland. Once the Polish transaction closes, Lyten intends to restart production almost immediately, with first deliveries to European customers pencilled in for the fourth quarter of 2025.

Management expects the Swedish and Polish asset purchases to complete by the end of September. Together they will hand Lyten a vertically integrated platform spanning cell chemistry, module design and full-stack storage systems on both sides of the Atlantic—an edge the company believes is critical as governments and data-centre operators hunt for non-Chinese battery supply chains.

“We’re thrilled by investors’ enthusiasm,” said co-founder and CEO Dan Cook. “This capital lets us scale manufacturing quickly and onboard world-class talent in the U.S. and Europe.” He added that demand is surging from defence, drone, artificial-intelligence and grid customers looking for batteries that pair high specific energy with low critical-mineral content—attributes Lyten says its lithium-sulfur chemistry can deliver.

With cash in hand and a pipeline of distressed assets to target, Lyten is positioning itself as a consolidator in a battery sector undergoing painful restructuring—turning the remnants of Northvolt’s ambitious expansion into a springboard for its own.