Lyten, Pioneer of 3D Graphene Materials and the Lithium-Sulfur Battery, to Establish Its European Headquarters in Luxembourg

Lyten, Inc., the trailblazer in 3D graphene decarbonizing supermaterials, has just inked a Memorandum of Understanding (MoU) with Prime Minister Xavier Bettel, Minister of Finance Yuriko Backes, and Minister of the Economy Franz Fayot to establish its European headquarters in Luxembourg. Lars Herlitz, Chairman and Co-Founder of Lyten, proudly represented the company during the signing ceremony.

This groundbreaking announcement was unveiled at the LuxInnovation Automotive Day 2023, Luxembourg's annual event championing the shift towards sustainable mobility.

Lyten is also actively exploring opportunities to set up research and development facilities in Luxembourg, fostering collaboration with European partners to harness the potential of Lyten's 3D Graphene platform for disruptive applications. This endeavor builds upon Lyten's ongoing IoT sensing R&D initiatives in Luxembourg, undertaken in partnership with a mobility sector industry leader.

"Following our successful ventures in the United States, Lyten is eager to collaborate with industry leaders across Europe to introduce disruptive, decarbonizing applications built on our Lyten 3D Graphene™ platform," stated Dan Cook, Lyten's CEO and co-founder. "Luxembourg's skilled workforce, history of European Union collaboration, and commitment to advancing a more sustainable global economy make it the ideal launchpad for Lyten's expansion into Europe."

Lyten is actively engaging with companies across diverse sectors such as transportation, defense, aerospace, manufacturing, energy, and construction to harness the versatility of its 3D Graphene for decarbonization applications. The recent announcement of Lyten's Series B fundraising round, which included a $200 million investment from Fortune 500 strategic investors like Stellantis, FedEx, and Honeywell, underscores its commitment to scaling manufacturing and bringing its initial product lines, including Lithium-Sulfur batteries, lightweighted composites, and next-gen IoT sensors, to market.

Luxembourg, within the "fit for 55" framework, has set ambitious climate targets with a goal of reducing emissions by 55% by 2030 compared to 2005, legally enshrining its path to achieving a net-zero economy by 2050.

Prime Minister Xavier Bettel remarked, "After several months of initial discussions with Lyten in California, I am delighted to formalize our collaboration through this MoU. Lyten's innovative '3D Graphene' technology has the potential to revolutionize batteries and materials. This marks a significant stride for Luxembourg in becoming a hub for sustainable and future-oriented industrial projects, impacting various sectors on their journey to Net Zero."

Franz Fayot, Luxembourg's Minister of the Economy, added, "We are thrilled that a pioneering company like Lyten has chosen Luxembourg as its European gateway. Lyten exemplifies the type of firms that Luxembourg welcomes as we position ourselves as a cleantech innovation hub that supports private research, development, and innovation in priority economic sectors. We are impressed with Lyten's achievements thus far and anticipate their influence on European companies as they progress in their decarbonization endeavors."

Lyten's mission is to scale a materials platform that empowers key greenhouse gas-emitting sectors globally to achieve net-zero emissions without compromising performance, profitability, or customer experience. Lyten, based in San Jose, California, plans to deliver Lithium-Sulfur batteries and lightweighted composite solutions to commercial customers by early 2024 and is actively pursuing expansion plans in both the United States and Europe.

Source:businesswire.com