Lyten Secures USD 200 Million to Acquire Northvolt Assets, Bolster BESS Expansion in Europe

US-based lithium-sulfur battery technology firm Lyten has raised over USD 200 million in fresh equity funding to advance its global expansion, particularly in Europe’s energy storage market. This brings Lyten’s total funding to over USD 625 million.

The new capital—primarily sourced from existing investors—is set to support Lyten’s acquisition of several key energy storage assets from Swedish battery maker Northvolt. The deal includes Northvolt’s Voltpack Mobile Systems (VMS), Voltrack, and a pipeline of BESS products under development.

The VMS product line, now in its third generation, has been deployed across multiple commercial sites in Europe. With this acquisition, Lyten will onboard core members of Northvolt’s energy storage engineering team in Stockholm and manufacture the systems at the Gdansk, Poland facility.

Consolidating BESS Manufacturing in Europe

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 in mid-2025, announced the acquisition of Northvolt Dwa, one of Europe’s largest Battery Energy Storage System (BESS) manufacturing facilities, located in Gdansk, Poland.

Dan Cook, CEO and co-founder of Lyten, said, “We are thrilled by the investment community’s response to our expansion strategy. Demand for battery systems supporting energy independence and national security—across defense, drones, datacentres, and BESS—is growing rapidly in both the US and Europe.”

Cook emphasized that Lyten’s focus remains on scaling manufacturing in a capital-efficient manner while attracting global battery talent and avoiding reliance on Chinese supply chains.

Zia Huque, General Partner at Prime Movers Lab and a Lyten investor, noted, “Lyten’s pace of growth through acquisitions is a testament to both its cutting-edge technology and a leadership team experienced in private equity—a rare combination in the battery sector.”

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, Lyten informed.

Lyten intends to immediately restart BESS manufacturing in Gdansk, Poland, 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 data centers, industrial, commercial, and grid applications.

$625 Mn in Funding

Founded in 2015, Lyten has received more than USD 625 million in equity investment. In addition to equity investment, the company also secured LOIs for USD 650M in financing from the US Export-Import Bank.