Lyten, a lithium-sulphur batteries manufacturer, has secured letters of interest from the Export-Import Bank of the United States (EXIM) for a funding package of up to $650m.
This funding will support the expansion of lithium-sulphur battery manufacturing in Silicon Valley, California, and Reno, Nevada, and facilitate battery delivery to international customers.
Lyten’s lithium-sulphur battery cells boast higher energy density and are up to 50% lighter than Li-ion batteries. The batteries use local materials and eliminate the need for mined minerals like nickel, cobalt, manganese and graphite.
EXIM, the US Federal Government’s export credit agency, aims to support US jobs by promoting the export of US goods and services. The agency’s Make More in America initiative focuses on strengthening US supply chains.
Financing for Lyten aligns with EXIM’s goal to boost US competitiveness in Transformational Export Areas (TEAs) and enhance economic ties in the Caribbean.
EXIM’s current lending exposure amounts to $34bn across 148 countries, with a default rate of 0.98%, indicating stringent credit standards.
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By GlobalData
Lyten co-founder and CEO Dan Cook said: “We are thrilled to work with EXIM as a financial partner to scale US lithium-sulphur manufacturing to meet rapidly growing global customer demand. Lyten’s lithium-sulphur batteries are a US innovation and rely on a US materials supply chain.
“The San Leandro and Reno factories will make the US the world’s leading manufacturer and exporter of lithium-sulphur batteries.”
Lyten recently announced the location of the world’s first lithium-sulphur battery gigafactory in Reno, Nevada, set to commence operations in 2027 with a full capacity of 10GW annually.
In November, Lyten acquired Northvolt’s battery manufacturing facility in San Leandro, California, which is expected to be ready for commercial sales in the second half of 2025.
EXIM and Lyten are also finalising financing terms to support multiple customer memorandums of understanding for supplying battery energy storage systems (BESS) to Trinidad and Tobago and other CARICOM nations from the San Leandro facility.
Lyten’s BESS solutions leverage lithium-sulphur’s properties for superior performance in challenging geographies.
Lyten chief battery technology officer Celina Mikolajczak said: “Tropical regions make up 40% of the world’s population and are the fastest-growing population base on the planet.
“The growing energy demand within these regions increasingly relies on solar power generation, but current lithium-ion battery technology to store that energy does not perform well in hot conditions, making efficient storage of that energy challenging.
“Lithium-sulphur’s performance actually improves in hot conditions, making it a perfect solution for energy storage in the global south.”
Investors in Lyten include the European Investment Fund, FedEx, Honeywell, Luxembourg Future Fund, Prime Movers Lab, Stellantis and the Walbridge Group. Lyten also has a joint development agreement with Stellantis.
