US Battery Startup Lyten Raises $200 Million in Series B Equity Round

US EV battery startup Lyten, Inc has raised $200 million as part of its Series B funding round to scale manufacturing and commercialise its first three product lines: Lithium-Sulfur batteries, lightweighted composites, and next generation IoT sensors. This latest round of funding brings total equity investment in Lyten to more than $410 million since the company was founded in 2015.

The California-based company is backed by the likes of Stellantis and FedEx Corporation.

Lyten targets a fully domestic supply chain to deliver Lithium-Sulfur batteries with greater energy density than lithium-ion but without NMC (nickel, manganese, cobalt) or graphite.

In June, Lyten announced the opening of its first Lithium-Sulfur battery automated pilot plant in San Jose, California.

It is on target to produce commercial cells by year-end 2023 and begin shipping to early adopting customers for revenue in early 2024. 

Dan Cook, Lyten’s co-founder and CEO. “The influx of strategic investors reflects the evolution of Lyten from its early days of developing a first-of-its-kind supermaterial to now collaborating with industry leaders to bring disruptive, decarbonizing applications to market, utilizing the differentiated properties of Lyten 3D Graphene. Our investors provide more than financial resources; they provide guidance and expertise to help ensure Lyten applications address the critical needs of a wide range of industries, including automotive, transportation, defense, aerospace, manufacturing, energy, and construction.”

“Lyten’s materials platform is a key investment for Stellantis Ventures, in line with our Dare Forward 2030 goal to accelerate deployment of innovative, customer-centric technologies,” adds Carlos Tavares, Stellantis CEO. “Specifically, Lyten’s Lithium-Sulfur battery has the potential to be a key ingredient in enabling mass-market EV adoption globally, and their material technology is equally well-positioned to help reduce vehicle weight, which is all necessary for our industry to achieve carbon net zero goals.”

Lyten’s supermaterials are being tuned for a wide range of applications, including the next-generation Lithium-Sulfur batteries for use in the automotive, aerospace, defense, and other markets.