(MENAFN- AETOSWire) (BUSINESS WIRE ) -- Lyten, Inc., the pioneer in 3D graphene decarbonizing supermaterials, today announced that it has signed a Memorandum of Understanding with Prime Minister Xavier Bettel, the Minister of Finance Yuriko Backes and the Minister of the Economy Franz Fayot to locate its European headquarters in Luxembourg. Lars Herlitz, Chairman and Co-Founder of Lyten, was on hand to sign on behalf of the company.
The announcement was made as part of LuxInnovation Automotive Day 2023, Luxembourg's annual event promoting the transformation toward sustainable mobility.
Lyten is also exploring opportunities to establish research and development capabilities in Luxembourg, including infrastructure to support collaboration with European customers on disruptive applications utilizing Lyten's 3D Graphene platform. The facility would build on R&D in IoT sensing that Lyten already has ongoing in Luxembourg with an industry partner for the mobility sector.
“Just as we've done in the U.S., Lyten is looking forward to working with industry leaders throughout Europe to bring disruptive, decarbonizing applications to market, built on our Lyten 3D GrapheneTM platform,” said Dan Cook, Lyten's CEO and co-founder.“Luxembourg's talented workforce, deep history of collaboration across the European Union, and shared values in leading the way to a more sustainable global economy make Luxembourg a prime location for Lyten to begin its expansion into Europe.”
Lyten is working with companies in industries such as transportation, defense, aerospace, manufacturing, energy, and construction to leverage the tunability of its 3D Graphene for decarbonizing applications. Lyten recently announced its Series B fundraising round , which included $200 million investment from several Fortune 500 strategic investors – including Stellantis, Fedex, and Honeywell – to scale manufacturing and commercialize its first three product lines: Lithium-Sulfur batteries, lightweighted composites, and next generation IoT sensors.
Luxembourg has set ambitious climate targets within the“fit for 55” framework and aims to reduce emissions by 55% by 2030 compared to 2005 as defined by law. This legal framework contains critical milestones to Luxembourg achieving its target of a net zero economy by 2050.
Prime Minister Xavier Bettel said: "A couple of months after the first contacts with Lyten were established in California, I am very satisfied to have signed an MoU with the company to formalize our collaboration. Through their innovative "3D Graphene" technology, Lyten is on its way to revolutionize the future of batteries and materials. It's an exciting step for Luxembourg in becoming a hub for future-proof industrial projects in the field of sustainability and mobility. Many sectors will benefit from the company's advancements on their path to Net Zero."
“We're extremely pleased that a pioneering company such as Lyten has chosen Luxembourg as its gateway to Europe,” said Franz Fayot, Luxembourg's Minister of the Economy.“Lyten is representative of the type of firm that Luxembourg embraces as we position ourselves as a cleantech innovation hub that supports private research, development and innovation in priority economic sectors. We're impressed with Lyten's success so far, and anticipate its impact on companies throughout Europe as they continue on their decarbonization journeys.”
Lyten's mission is to scale a materials platform that delivers breakthrough applications enabling the largest greenhouse gas-emitting sectors on the planet to achieve net zero without compromising on performance, profitability or customer experience. Lyten, from its facilities in San Jose, California, plans to deliver both Lithium-Sulfur batteries and lightweighted composite solutions to commercial customers by early 2024 and is actively pursuing expansion plans in the US and Europe.
About Lyten
Lyten is the pioneer of 3D graphene supermaterials and transformative applications engineered to enable net zero without compromise. Lyten's decarbonization materials are being tuned for a wide range of applications, including next-generation Lithium-Sulfur batteries for use in the automotive, aerospace, defense, and other markets; a next-generation polymer composite that can reduce the amount of plastic used by up to half while maintaining structural and impact strength; and next-generation sensor arrays that significantly increase detection sensitivity and selectivity for use in automotive, industrial, health, and safety applications. Lyten, founded in 2015, is led by a group of experienced executives from across Automotive, Energy, Batteries, Semiconductors, Manufacturing and Defense sectors; lists more than 350 patent matters; and is currently manufacturing Lyten 3D GrapheneTM material, as well as its high-value applications, at its headquarters in San Jose, Calif. To learn more, visit lyten .
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