Startup Lyten raised $200 million in a Series B round to build up production of its lithium-sulfur battery cells. Stellantis, FedEx, Walbridge Aldinger Company, and Prime Movers Lab were among Lyten’s investors in this round.
Prime Movers Lab led the round for the California-based Lyten startup. Lyten was founded in 2015 and has raised over $410 in capital. The startup recognizes that lithium-ion batteries have made electrification possible and believes that lithium-sulfur will “make electrifying everything” into a reality.
Lyten argues that lithium sulfur will solidify electrification in multiple industries—including automobile, aerospace, and beyond—because it has many advantages. The company claims that lithium-sulfur cells have a lower bill of materials but provide time the energy density. With regards to electric vehicles, lithium-sulfur cells would reduce EV battery packs. Lyten also points out that the cost of switching from lithium-ion to lithium-sulfur cell production would be minimal.
“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,” said Stellantis CEO Carlos Tavares. “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.”
In June 2023, Lyten opened its first lithium-sulfur battery automated pilot plant in San Jose, California. The startup is on target to produce commercial cells by the end of 2023. It plans to start shipping to customers for revenue by 2024.
“The remaining space on the pilot line is expected to be allocated before the end of the year, including allocation to Stellantis and additional auto OEMs for cell testing. Lyten intends to break ground on scaled-up 3D Graphene and Lithium-Sulfur battery manufacturing facilities in 2024 in the US,” announced Lyten.
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