18 Lyten’s headquarters in Luxembourg: A perfect fit The presence of key dignitaries including Minister of Finance Yuriko Backes, Minister of the Economy Franz Fayot, and Lars Herlitz, Chairman and co-founder of Lyten, underlined the importance of this collaboration. Minister Fayot described Lyten as a “perfect fit” and a valuable addition to Luxembourg’s dynamic automobility ecosystem. The startup, founded in 2015, is renowned for manufacturing lithium-sulfur batteries, prized for their lightweight nature, high energy density, and minimal carbon footprint. Lyten’s innovative 3D Graphene, a cutting-edge nanomaterial, aims to push lightweighting capabilities to unprecedented levels in multiple sectors. “We couldn’t be more excited about partnering with Luxembourg. We view this as a cornerstone in our international expansion. We’re setting up headquarters and expect to do advanced R&D and partnerships. We’ve already started seeing partnerships develop here in Europe. So, this is very important for us,” stated Mr Herlitz. The decarbonisation technology startup has already secured $410 million in funding from private investors such as FedEx and Stellantis and ranks in the top 15 venture-funded defence and dual-use startups recognised in the Silicon Valley Defense Group “NatSec 100” list. It also plans to open an industrial pilot plant in the Grand Duchy. A thriving automotive industry and market “Luxembourg is an attractive location for business and a welcoming hub for start-ups. Several new companies and investments in the sector testify of this [e.g. Ohmio, Webasto, Phinia, Livista Energy, Motion-S, UFO Drive, Rafinex, Autopass, MPG], with more announcements to follow,” stated Minister Fayot. He underlined the country’s flourishing automotive industry, marked by significant investments in electric vehicles, charging stations, autonomous vehicle testing, a first hydrogen refuelling station, and the increasing use of advanced materials in car manufacturing, all of which are shaping the future of automobility. Luxembourg’s attractiveness for innovation was also underscored by the Minister of Finance, Ms Backes, who noted that Lyten is the second American company, after the Bank of America, to set up an office in Luxembourg in one week. This shift signals Luxembourg’s appeal not only in finance but also in other sectors like clean tech and battery innovation. New solutions on the spotlight Throughout the Automotive Day, major automotive industry players presented innovative solutions with common themes emphasising e-mobility, modular vehicles, Automotive Day 2023 in Luxembourg: US startup Lyten signs MOU, sustainable innovations on display By Abigail Okorodus, Marketing & Communication Officer, Luxinnovation Tagged the Greater Region’s biggest annual event for automotive industry professionals, the annual Automotive Day organised by Luxinnovation’s Luxembourg AutoMobility Cluster on 5 October 2023, showcased groundbreaking developments in sustainable mobility. During the event, California-based startup Lyten specialising in advanced electric vehicle batteries and composite materials, signed a memorandum of understanding to establish its European headquarter in Luxembourg. Photo credit: Sophie Margue/Luxinnovation
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