Lyten secures $200 million to buy Northvolt assets to accelerate shift European BESS push

US battery manufacturer Lyten has raised over $200 million in equity financing to support its expansion into European battery energy storage systems (BESS). The company is acquiring Northvolt’s former energy storage product line, including the Voltpack Mobile System (VMS), Voltrack, and other assets, as it moves to ramp up manufacturing in Poland and widen its commercial prospects.

The announcement follows Lyten’s previously reported acquisition of Northvolt Dwa, a 6 GWh BESS facility in Gdansk. That plant is expected to restart operations in the second half of 2025, with initial deliveries slated for Q4. The facility was idled earlier this year but will initially resume production using nickel-based cells already in stock. Lyten ultimately plans to convert it to produce its proprietary lithium-sulfur cells, which moves supply chain requirements away from China.

The deal, as announced, includes key Northvolt Systems engineering staff and expands Lyten’s European base with a new team in Stockholm. Bloomberg reports that the broader strategy reflects a pivot away from purely cell manufacturing in the US, as EV market softness reshapes the competitive landscape.

As reported by The Information, the company also fired around 45 employees in the previous week, including Celina Mikolajczak, an experienced Tesla employee who was part of the push to commercialize Lyten’s proprietary lithium-sulfur battery cells. Tje company didn’t comment.

“We’re moving downstream in the batteries to own more of the value chain … And we’re identifying manufacturing assets that are potentially available at a discount to their value because of the challenges in the market,” said Lyten’s marketing and sustainability chief, Keith Norman. He noted that the company is targeting stationary storage along with the military drone market in Europe.

The acquisition of Northvolt’s BESS IP and factory is expected to close in Q3. Lyten’s backers include Stellantis, FedEx, Prime Movers Lab, and the Luxembourg Future Fund. No details were provided on how much Lyten is paying for Northvolt’s IP or the Poland plant.