In a game-changing move for the electric vehicle industry, Lyten, a California-based startup founded in 2015, has successfully raised an impressive $200 million in its Series B funding round. This substantial investment was led by Prime Movers Lab, with participation from notable investors including Stellantis, FedEx, Walbridge Aldinger Company, and Prime Movers Lab.
Lyten, with a total capital raise of over $410 million, is dedicated to revolutionizing the future of electrification. Recognizing the pivotal role lithium-ion batteries have played in driving electrification, Lyten firmly believes that lithium-sulfur batteries hold the key to making electrification a reality across various industries, including automotive, aerospace, and beyond.
One of the primary arguments put forth by Lyten in favor of lithium-sulfur batteries is their exceptional advantages. According to the company, lithium-sulfur cells not only boast a lower bill of materials but also provide an astonishing tenfold increase in energy density. For the electric vehicle sector, this translates to a significant reduction in the size and weight of EV battery packs. Additionally, Lyten emphasizes that the transition from lithium-ion to lithium-sulfur cell production would incur minimal costs.
Stellantis CEO Carlos Tavares expressed enthusiasm for the potential of Lyten’s materials platform, stating, “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.” This aligns perfectly with Stellantis’ Dare Forward 2030 initiative to accelerate the deployment of innovative, customer-centric technologies.
Excitingly, in June 2023, Lyten achieved another milestone by inaugurating its first lithium-sulfur battery automated pilot plant in San Jose, California. With this crucial step, the startup is on track to commence commercial cell production by the end of 2023, with plans to begin customer shipments and generate revenue by 2024.
Lyten’s vision extends beyond its pilot plant, as the company disclosed its intention to allocate the remaining space on the pilot line before the end of the year. This allocation includes provisions for Stellantis and additional auto OEMs for cell testing purposes. Furthermore, Lyten has set ambitious plans to break ground on scaled-up 3D Graphene and Lithium-Sulfur battery manufacturing facilities in the United States in 2024.
With this substantial Series B funding and a clear roadmap for the future, Lyten is poised to play a pivotal role in shaping the electric vehicle industry and driving us closer to a sustainable, electrified future.