Lyten will build energy storage facilities in the Caribbean

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Lyten company produces lithium-sulfur batteries and supermaterials is applying for a loan of USD 650 million from the American import-export bank EXIM to extend the scale of production and fulfill BESS orders from the Caribbean region.

Lyten received Letters of Interest (LI) from the Export-Import Bank of the United States (EXIM) this week (December 18) confirming the financing package.

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The financing will support the scale-up of Lyten’s manufacturing capabilities, including a planned 10 GWh gigafactory in Reno, Nevada, and a producing facility in California recently acquired from European lithium-ion battery company Northvolt.

The LI isn’t a commitment to finance a transaction or project, but “an indication of the financing terms that EXIM is prepared to consider based on a limited assessment of the transaction or project,” the bank says on its website.

The standard LI from EXIM is followed by an enhanced LI that features a loan officer who has the authority to underwrite the proposed transaction. The Preliminary Commitment (PC) is an initial offer of financing terms based on credit assessment and policy review, while the Final Commitment (AP) constitutes EXIM Bank’s financing authorization. Lyten didn’t say whether his LI is standard or enhanced.

Lyten will build energy storage facilities in the Caribbean

EXIM and Lyten are also working to finalize financing terms to support Lyten’s multiple memorandums of understanding (MOUs) for the supply of battery energy storage systems (BESS) to customers in Trinidad and Tobago and other Caribbean Community and Common Market (CARICOM) countries. region. CARICOM brings together 20 member and associated states, mainly island states in the Caribbean and a number of other in Central and South America.

These orders will be shipped from San Leandro, California, acquired from Northvolt, which recently entered Chapter 11 bankruptcy protection.

Lithium-sulfur batteries

Lyten says its BESS solution will leverage the unique properties of lithium-sulfur battery technology, including excellent temperature range, low self-discharge rate and ultra-lightweight characteristics. It claims its batteries weigh 60% lower than lithium iron phosphate (LFP) batteries, that are the dominant chemical in the BESS industry.

The company says the lithium-ion battery doesn’t perform well in hot conditions, making it difficult to make use of in tropical regions.

“The performance of lithium and sulfur actually improves at high temperatures, making it an ideal energy storage solution in the global south,” said Celina Mikołajczak, director of battery technology at Lyten.

Lyten focuses its technology on the transportation, aerospace, consumer electronics and BESS markets. However, the current give attention to cylindrical and pouch formats signifies that BESS is less necessary and prismatic is the preferred factor in this industry.

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