Battery Startup Lyten Raises $200 Million to Fund Northvolt Deal

Lyten, a California startup developing lithium-sulfur batteries, raised $200 million from existing investors to fund its acquisition of assets from bankrupt manufacturer Northvolt AB.

The new funding enables Lyten to acquire intellectual property related to energy storage systems, in addition to its previously announced deal to purchase and restart production at Northvolt’s Polish assembly plant. The money may also be used to fund further acquisitions, the company said.

Lyten is accelerating acquisitions to tap into demand for stationary storage and military drones in Europe, said Keith Norman, the company’s chief marketing and sustainability officer. It’s also pivoting ...