Lyten, a Silicon Valley manufacturer of lightweight, high-energy-density batteries for electric vehicles and composite materials, is to open its European headquarters in Luxembourg.
Luxembourg’s economy and finance ministers along with prime minister Xavier Bettel signed an MoU with Lyten’s chairman and co-founder during Automotive Day, in Esch-Belval on 5 October.
Founded in 2015, Lyten developed Lyten 3D Graphene®, a library of materials which has led to breakthroughs in energy storage, composite systems, and chemical and passive sensors.
Its three-dimensional graphene materials can be used to enhance Li-S energy storage in mobility batteries, delivering higher energy density for extended driving range, faster charging, improved safety, and the low carbon footprint.
Lyten CEO and co-founder Dan Cook said during the signing that Luxembourg was a prime location for the company’s European expansion because of its “skilled workforce, its long tradition of collaboration within the European Union and our shared values of becoming a leader in the transition to a more sustainable economy globally.”
In addition to setting up its European headquarters, Lyten intends to conduct R&D activities in Luxembourg, and will investigate the possibility of subsequently setting up an industrial pilot plant in Luxembourg, possibly in the Bissen region.
“A few months after the first contacts with Lyten in California, I am very pleased to have signed an MoU with the company to formalise our collaboration,” Xavier Bettel said, adding: “Thanks to its innovative ‘3D Graphene’ technology, Lyten is poised to revolutionise the future of batteries and materials. This is an exciting step for Luxembourg, which is becoming a hub for forward-looking industrial projects in the field of sustainability and mobility. Many sectors will benefit from the company’s advances on the road to Net Zero.”
At the start of October, the firm announced it had closed a $200m funding round from multiple investors, including Prime Movers Lab, Honeywell, FedEx, and others. Thusfar, the startup has raised a total of $410 million.
