Lyten Secures Hundreds of Millions for its Cutting-edge EV Battery Venture
Lyten, a startup with ambitions to produce lightweight lithium-sulfur batteries for electric vehicles (EVs), has announced a significant $200 million funding round on Tuesday.
This substantial Series B funding was led by Prime Movers Labs, a venture firm co-founded by Dakin Sloss, one of the creators of OpenGov. Notably, several notable brands, including Stellantis, FedEx, and Honeywell, have also participated in this investment.
Lyten, in its statement, highlighted that this infusion of capital will facilitate the launch of an "automated pilot line" in San Jose, California, with plans to commence EV battery shipments in 2024. What sets Lyten apart is its commitment to developing EV batteries that do not rely on key minerals found in traditional lithium-ion batteries, such as nickel, manganese, cobalt, and graphite.
Lithium-sulfur batteries have the potential to offer greater energy storage compared to their lithium-ion counterparts, potentially reducing the weight of many EVs significantly. In theory, widespread adoption of these batteries could increase EV range while simultaneously reducing the environmental impact of electric vehicles. Additionally, sulfur, a component of Li-S batteries, is more cost-effective than the aforementioned metals. However, Li-S batteries have historically faced challenges related to shorter lifespans and the scaling up of production.
Zooming out to the broader picture, venture capitalists are displaying a strong appetite for startups focused on EV battery technology. Lyten's funding round closely follows other substantial investments in the sector, such as Ascend Elements' $542 million Series D and Redwood Materials' $1 billion Series D.
Lyten distinguishes itself from these companies in a few key ways. It doesn't primarily focus on battery recycling, and it is also involved in the development of Internet-of-Things (IoT) sensors. This diversification explains why Honeywell, a company heavily invested in smart-home technology, has chosen to participate in Lyten's latest funding round.