Advanced materials company Lyten announced that it has raised $200 million in equity investments aimed at supporting its acquisition strategy, as the company continues to acquire assets from bankrupt EV battery company Northvolt.
In addition to the capital raise, Lyten also announced the acquisition of Northvolt’s Battery Energy Storage System (BESS) product portfolio in Stockholm, Sweden, buying the rights to energy storage products including Voltpack Mobile Systems (VMS), Voltrack, and future BESS products currently in development.
Stockholm-based Northvolt announced in March that it had filed for bankruptcy, marking a major downfall for one of the most ambitious endeavours to establish a European EV battery giant. Founded in 2016, Northvolt was established with a goal to develop the “world’s greenest battery,” targeting a minimal carbon footprint, sustainable sourcing of raw materials and recycling. The company raised over $14 billion in capital, but faced a series of challenges, including a significant downshift in EV demand in Europe, as well as rising capital costs, geopolitical instability and supply chain disruptions.
The transaction marks Lyten’s third announced acquisition of Northvolt assets, including the company’s Cuberg battery manufacturing facility in California in November 2024, and Northvolt Dwa, Europe’s largest Battery Energy Storage System (BESS) manufacturing facility, located in Gdansk, Poland, in July 2024.
According to Lyten CEO and Co-Founder Dan Cook, the company is “seeing immediate demand for its battery products in support of energy independence and national security initiatives in the US and Europe,” and the company said that upon the close of the Northvolt Dwa acquisition, it plans to immediately restart BESS manufacturing in Poland, targeting product deliveries in the fourth quarter of 2025.
Cook added:
“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.”
Lyten said that battery energy storage system deliveries from the restarted Poland facility will initially target existing European customers, and will then expand to global markets for AI datacenter, industrial, commercial, and grid applications.
David Ku, Lyten Investor and former Microsoft Corporate Vice President of AI and CTO of the Artificial Intelligence + Research division, said:
“Success in AI is determined by the ability to deliver abundant, reliable power. Battery energy storage is a critical piece of AI data center infrastructure. Lyten’s lithium-sulfur batteries are uniquely positioned to deliver the performance and supply chain independence necessary to meet AI’s insatiable need for batteries.”
