Lyten and the Luxembourg Future Fund 2 (LFF2) have announced that LFF2 has made an equity investment into Lyten.
The investment in Lyten follows the signing of a Memorandum of Understanding (MOU) in October 2023 to establish Lyten’s European headquarters in Luxembourg. The investment highlights Luxembourg’s commitment to advancing clean technologies and incorporating them into the European economy. Through this partnership, Lyten and Luxembourg will collaborate on research and development and the introduction of several Lyten products into the European market including its lithium-sulfur EV battery.
Lyten was founded in 2015 to turn its proprietary 3D Graphene supermaterial into applications that can profitably decarbonize the highest emitting sectors on the planet. Lyten is focused on Lithium-Sulfur, a battery chemistry said to possess potential to deliver more than two times the energy density of lithium-ion batteries and remove critical minerals like nickel, cobalt, manganese, and graphite. Additional decarbonizing products Lyten aims to bring to market include methane monitoring mesh networks, electronics free smart tire sensors, and green concrete additives.
The Luxembourg Future Fund Successor, launched in 2023 by SNCI together with the European Investment Fund (EIF), has invested approximatively $15.7 million into Lyten. In May, Lyten delivered “A” Sample batteries to European auto OEMs for commercial evaluation and will begin selling batteries commercially for non-EV applications, including in the space sector, later in 2024.
“We are delivering a battery for European EV, mobility, space and energy storage industries that can be made from abundantly available, locally sourced materials and manufactured in the European Union at a price below currently imported batteries at scale,” stated Dan Cook, Lyten Co-Founder and CEO. “Lithium-Sulfur is the battery that is making mass market electrification possible and we are humbled by Luxembourg’s commitment to be a partner in Lyten’s expansion into Europe.”