Luxembourg Future Fund 2, a Joint Initiative by SNCI and EIF, Announces Equity Investment into Lyten to Accelerate Expansion into Luxembourg and Europe
July 18 2024 - 9:07AM
Business Wire
- Luxembourg Future Fund 2 has made an equity investment in
Lyten, a Silicon Valley-based clean tech company.
- The investment in Lyten, the world leader in Lithium-Sulfur
battery technology, will support the development of locally
sourced, locally manufactured batteries in Europe for the Electric
Vehicle (EV), mobility, space and defense industries.
- Lyten has established its European Headquarters in Luxembourg,
highlighting its commitment to the region
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.
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Dan Cook, CEO of Lyten, with Minister
Delles, Vice Prime Minister Xavier Bettel, and Minister Gilles at
the press conference today. (Photo: Business Wire)
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).
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Bob Zeitlinger bzeitlinger@makovsky.com 551-427-7298