Prime Movers Lab
Assembly Line
🔋 Lyten Raises $200M in Series B Equity Round
Lyten, Inc, a pioneer in 3D graphene decarbonizing supermaterials, announced it has raised $200 million as part of its over-subscribed Series B funding round to scale manufacturing and commercialize its first three product lines: Lithium-Sulfur batteries, lightweighted composites, and next generation IoT sensors.
The round is led by Prime Movers Lab, a venture capital firm focused on investments in breakthrough scientific startups and has $1.2B in assets under management. Prime Movers Lab is joined with significant participation from strategic investors and sector leaders Stellantis (previously announced), FedEx Corporation, Honeywell, and Walbridge Aldinger Company. Additional strategic, venture capital and individual investors make up the remainder of the round.
In June, Lyten announced the opening of its first Lithium-Sulfur battery automated pilot plant in San Jose, CA. They are on target to produce commercial cells by year-end 2023 and begin shipping to early adopting customers for revenue in early 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. 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.