Stellantis Invests in Lyten's Breakthrough Lithium-sulfur EV Battery Technology
AMSTERDAM and SAN JOSE, Calif., May 25, 2023 /PRNewswire/ --
Stellantis N.V. and Lyten, Inc. announced today that Stellantis Ventures, the corporate venture fund of Stellantis, invested in Lyten to accelerate the commercialization of Lyten 3D Graphene applications for the mobility industry, including the LytCell lithium-sulfur EV battery, lightweighting composites and novel on-board sensing. Lyten, a pioneer of 3D Graphene, will leverage the unique tunability of the material to enable enhanced vehicle performance and customer experience while decarbonizing the transportation sector.
Lyten's tunable materials platform has demonstrated significant reductions in greenhouse gas emissions and will advance the transition to sustainable mobility.
Unlike traditional lithium-ion batteries, Lyten's lithium-sulfur batteries do not use nickel, cobalt or manganese, resulting in an estimated 60% lower carbon footprint than today's best-in-class batteries and a pathway to achieve the lowest emissions EV battery on the global market. Raw materials for lithium-sulfur batteries have the potential to be sourced and produced locally in North America or Europe, enhancing regional supply sovereignty. This technology will meet the needs of industries seeking lightweight and energy-dense batteries that are free from supply chain disruptions.
Stellantis launched Stellantis Ventures in 2022 as a venture capital fund committed to investing in early and later-stage startup companies developing innovative and sustainable technologies within the automotive and mobility sectors. Stellantis Ventures, powered by an initial €300 million in funding, is a key component of the company's Dare Forward 2030 strategic plan, which sets out core targets for Stellantis, including deep emission cuts to slash CO2 in half by 2030, benchmarking the 2021 metrics, and achieving carbon net zero by 2038 with single-digit percentage compensation of the remaining emissions.
"We are delighted that Stellantis Ventures, as the venture investment arm of a global automotive innovator, has demonstrated a strong belief in our company and our Lyten 3D Graphene decarbonizing supermaterials," said Dan Cook, president and CEO of Lyten. "Among the automotive product innovations being transformed by Lyten 3D Graphene are lithium-sulfur batteries with the potential to deliver more than twice the energy density of lithium-ion, payload-improving lightweighted vehicle composites, and new modes of sensing that do not require chips, batteries or wires. We are committed to advancing each of these applications to Stellantis and the automotive market."
Cook continued: "Unlike two-dimensional forms of graphene, the production of our tunable Lyten 3D Graphene has been independently verified to be carbon neutral at scale. We are converting greenhouse gases into a new class of high-performance, high-value carbon materials and are incorporating these tuned materials into applications that will decarbonize the hardest to abate sectors on the planet."
"Having recently visited Lyten together with our CTO Ned Curic and our head of Stellantis Ventures Adam Bazih, we walked away impressed by the potential of this technology to help drive clean, safe and affordable mobility," said Carlos Tavares, Stellantis CEO. "Lyten's materials platform is a key investment for Stellantis Ventures, in line with our Dare Forard 2030 goal to accelerate deployment of innovative, customer-centric technologies. Specifically, Lyten's lithium-sulfur battery has the potential to be a key ingredient in enabling mass-market EV adoption globally, and their material technology is equally well positioned to help reduce vehicle weight, which is all necessary for our industry to achieve carbon net zero goals."
With traditional lithium-ion battery materials in critically short supply for EV manufacturing, Lyten's lithium-sulfur battery will offer an alternative, non-nickel-manganese-cobalt cathode solution that supports the global transition to electric vehicles at mass market scale. Lyten's goal is to provide a secure supply of performance-based and environmentally sustainable products to its customers, while also enabling auto manufacturers to take advantage of growing U.S. and European policy incentives, such as those referenced in the Inflation Reduction Act.
Lyten's lithium-sulfur battery, composites and sensor technologies are initially being produced on its 145,000-square-foot campus in Silicon Valley. Apart from producing EV batteries, Lyten is working with previous customers to start delivering lithium-sulfur batteries and 3D Graphene-infused composites for specialty markets in 2023. Lyten is collaborating with its strategic investors from across multiple industries to apply Lyten 3D Graphene materials to decarbonize additional, carbon intensive sectors beyond transportation, with more announcements planned for later this year.
Lyten 3D Graphene
LytCell EV Lithium-sulfur Battery
Lyten is led by a group of experienced executives from across Automotive, Energy, Batteries, Semiconductors, Manufacturing and Defense, lists more than 300 patent matters, and is currently manufacturing Lyten 3D Graphene material, as well as its LytCell EV batteries, in San Jose, California. Lyten was founded in 2015. For press kit: lyten.com/media-kit/
STELLANTIS FORWARD-LOOKING STATEMENTS
Actual results may differ materially from those expressed in forward-looking statements as a result of a variety of factors, including: the impact of the COVID-19 pandemic, the ability of Stellantis to launch new products successfully and to maintain vehicle shipment volumes; changes in the global financial markets, general economic environment and changes in demand for automotive products, which is subject to cyclicality; changes in local economic and political conditions, changes in trade policy and the imposition of global and regional tariffs or tariffs targeted to the automotive industry, the enactment of tax reforms or other changes in tax laws and regulations; Stellantis' ability to expand certain of their brands globally; its ability to offer innovative, attractive products; its ability to develop, manufacture and sell vehicles with advanced features including enhanced electrification, connectivity and autonomous-driving characteristics; various types of claims, lawsuits, governmental investigations and other contingencies, including product liability and warranty claims and environmental claims, investigations and lawsuits; material operating expenditures in relation to compliance with environmental, health and safety regulations; the intense level of competition in the automotive industry, which may increase due to consolidation; exposure to shortfalls in the funding of Stellantis' defined benefit pension plans; the ability to provide or arrange for access to adequate financing for dealers and retail customers and associated risks related to the establishment and operations of financial services companies; the ability to access funding to execute Stellantis' business plans and improve its businesses, financial condition and results of operations; a significant malfunction, disruption or security breach compromising information technology systems or the electronic control systems contained in Stellantis' vehicles; Stellantis' ability to realize anticipated benefits from joint venture arrangements; disruptions arising from political, social and economic instability; risks associated with our relationships with employees, dealers and suppliers; increases in costs, disruptions of supply or shortages of raw materials, parts, components and systems used in Stellantis' vehicles; developments in labor and industrial relations and developments in applicable labor laws; exchange rate fluctuations, interest rate changes, credit risk and other market risks; political and civil unrest; earthquakes or other disasters; risks and other items described in the Company's Annual Report on Form 20-F for the year ended December 31, 2022 and Current Reports on Form 6-K and amendments thereto filed with the SEC; and other risks and uncertainties.
Any forward-looking statements contained in this communication speak only as of the date of this document and Stellantis disclaims any obligation to update or revise publicly forward-looking statements. Further information concerning Stellantis and its businesses, including factors that could materially affect Stellantis' financial results, is included in Stellantis' reports and filings with the U.S. Securities and Exchange Commission and AFM.
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