LUXEMBOURG & SAN JOSE, Calif.--(BUSINESS WIRE)--The Luxembourg Future Fund 2 (LFF2) and Lyten announce that LFF2 has made an equity investment into Silicon Valley based Lyten, the supermaterial applications company and global leader in Lithium-Sulfur battery technology.
The announcement was made by Deputy Prime Minister and Minister of Foreign Affairs and Foreign Trade Xavier Bettel; Minister of Finance Gilles Roth; Minister of the Economy, SMEs, Energy and Tourism Lex Delles, in their capacities as competent ministers for the Société Nationale de Crédit et d’Investissement (SNCI), and Lyten CEO Dan Cook.
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 the world leader in Lithium-Sulfur, a battery chemistry on track 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 is bringing to market include methane monitoring mesh networks, electronics free smart tire sensors, and green concrete additives.
At the press conference, Deputy Prime Minister and Minister of Foreign Affairs and Foreign Trade Xavier Bettel said, "Luxembourg is committed to utilizing its talented workforce, research institutions, and diverse economy to create the ideal environment for clean technology innovation to thrive. Lyten is an example of bringing the best of Silicon Valley innovation into Luxembourg’s ecosystem to drive truly meaningful reductions in carbon emissions while enhancing European industrial competitiveness."
Luxembourg’s Minister of Finance Gilles Roth added: “Luxembourg’s leadership in the EU as a financial hub is attracting world leading technology companies from around the globe. Lyten is exactly the type of exciting, sustainable technologies that we want to welcome into the Luxembourg public and private ecosystem that expands across Europe.”
Minister of the Economy, SMEs, Energy and Tourism Lex Delles added: “Luxembourg is building an ecosystem of companies that contribute to the creation of sustainable and competitive economic growth. Lyten is a young, disruptive company that fits into this ecosystem and underlines Luxembourg's attractiveness for such innovative companies. Their ground-breaking 3D graphene technology will contribute to the creation of new innovations and developments in our priority economic sectors.”
The Luxembourg Future Fund Successor, launched in 2023 by SNCI together with the European Investment Fund (EIF), has invested approximately $15.7 million into Lyten. Lyten in May 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.”
About SNCI
The Société Nationale de Crédit et d’Investissement (SNCI) is a public banking institution that specializes in medium and long-term financing for Luxembourg-based companies. It supports businesses at every stage of their development through loans to partially cover the financing of their startup, expansion, transfer or innovation plans. SNCI also acquires and manages holdings in companies and investment funds that are strategically important for the development and diversification of Luxembourg’s economy. For more information, please visit www.snci.lu.
About Lyten
Lyten is a supermaterial applications company that permanently sequesters carbon from methane, converting it into three-dimensional (3D) graphene. This highly tunable supermaterial is the foundation for Lyten's innovative, high-value decarbonizing applications. Currently, Lyten is advancing and commercializing next-generation lithium-sulfur batteries, powered by Lyten 3D Graphene™, for use across the automotive, aerospace, defense, and other sectors. In addition, Lyten is developing breakthrough sensors that offer unprecedented sensitivity and selectivity for universal air monitoring, infrastructure monitoring, and health monitoring applications. The company is also creating advanced polymer and concrete composites that deliver superior performance and sustainability. Founded in 2015, Lyten is led by a seasoned leadership team with expertise spanning the automotive, energy, battery, semiconductor, manufacturing, and defense industries. With over 415 patents granted or pending, Lyten is at the forefront of innovation and currently manufactures its Lyten 3D Graphene material and applications in San Jose, California. Lyten has successfully raised over $425M in total funding, which includes previous investments from global leaders Stellantis, FedEx, and Honeywell to bring Lithium-Sulfur batteries and additional decarbonizing products to market.
Published by the Ministry of Foreign Affairs and Foreign Trade, the Ministry of Finance, the Ministry of the Economy, and the Société Nationale de Crédit et d’Investissement (SNCI).
