“The government established contact between the company and the Luxembourg Future Fund 2 team. The analysis of the dossier and the investment decision are in the hands of LFF2. At LFF2, substance in Luxembourg and financial return are the main criteria for investments.” One year on from a memorandum of understanding that quickly received media coverage, (DP), the minister for the economy, SMEs, energy and tourism, would be hard pressed to say much more: Lyten is taking full advantage of the Biden administration’s economic plan to finance its development at full speed, and its priority is probably neither Luxembourg nor the …
It’s almost a drop in the ocean compared with the $425m already raised by the company, which was founded in 2015, but we all know how important regional HQs are for opening the doors to certain markets.
Lyten, a US company specialising in lithium-sulphur batteries and 3D Graphene supermaterials, on 15 October announced the construction of its first gigafactory near Reno, Nevada. The project, which represents an investment of more than $1bn, underlines Lyten’s ambition to become a major player in the electric battery market. The gigafactory will have an annual production capacity of 10 GWh of batteries when fully operational in 2027, when employment will increase from 200 to 1,000.
It will manufacture all battery components, from cathode active materials to lithium metal anodes, ensuring an all-American production. Lyten’s lithium-sulphur batteries are characterised by their high energy density, light weight and use of abundantly available, local materials, eliminating the need for critical minerals such as nickel, cobalt, manganese and graphite, the firm explained. This competitive advantage enables Lyten to offer batteries at a lower price than traditional lithium-ion batteries.
Batteries in space
Lyten is targeting several markets with its lithium-sulphur batteries, including electric vehicles, micromobility, space, drones and defence. The company has already begun supplying test batteries to European car manufacturers, and its batteries have been selected for testing on the International Space Station.
“With historic investments in clean energy and our Lithium Loop Tech Hub, Nevada has the opportunity to become a global leader in lithium battery technology,” said Senator Jacky Rosen (D-NV), part of a political delegation fully committed to the project. “This will attract more lithium processing and manufacturing companies like Lyten to our state, strengthen our economy and help us reach our clean energy goals. This is the technology of the future, and I’ll keep working to support these clean energy investments that benefit all Nevadans.”
Senator Catherine Cortez Masto (D-NV) added, “Nevada has a strong and growing lithium battery manufacturing industry, and I am excited to see additions like this new facility from Lyten coming to our state. Boosting our domestic supply chain is good for our economy, our environment and our national security.”
However, Lyten’s announcement contradicts the minister’s parliamentary response in that the potential 3D graphene pilot project announced in Luxembourg is already being developed at Lyten’s other site in San Jose, California--also in the US. For the moment, Lyten, whose arrival was announced during the final sprint of the legislative elections, has no structure in Luxembourg. Not in Bissen, nor anywhere else. With Stellantis as its reference shareholder, it will look at France with particular interest.
This article was originally published in .