Luxembourg Future Fund 2 invests in Lyten

The Californian lithium-sulphur battery developer Lyten, which is backed by Stellantis, has received financial support from Luxembourg Future Fund 2. The company also announced that it has established its European headquarters in Luxembourg.

An accompanying press release reads: “The investment highlights Luxembourg’s commitment to advancing clean technologies and incorporating them into the European economy.” However, the amount of financial support is not disclosed.

What is clear is that Lyten and Luxembourg intend to “collaborate on research and development” and launch several Lyten products on the European market, including the lithium-sulphur battery. About two months ago, Lyten announced that it had delivered A-samples of its 6.5 Ah lithium-sulphur pouch cells to leading US and EU car manufacturers for testing. The company also wants to deliver cells for commercial use to aerospace and defence customers later this year.

It is hardly surprising that Stellantis is one of the customers. The multi-brand group acquired a stake in the battery developer around a year ago. A few months later, Lyten raised a further 200 million US dollars in capital. Lyten’s Series B financing round was led by Prime Movers Lab. Existing investors Stellantis, FedEx, Honeywell and Walbridge Aldinger also participated in the round. In total, Lyten has raised more than 410 million US dollars to date.

businesswire.com