Lyten is making strides in the EV industry with a promising move towards creating lighter EVs. Recently, the company secured $200M in a Series B round, with Prime Movers Lab leading the charge. Among the significant investors were Stellantis, FedEx, and Honeywell, all eager to be part of the Lyten journey.
- Launch of an Automated Pilot Line: The latest funding round is set to propel the launch of an innovative “automated pilot line” based in San Jose, California.
- Delivery of EV Batteries: Lyten is gearing up to start delivering EV batteries by 2024.
- New Battery Technology: Lyten is parting ways with standard ingredients found in traditional lithium-ion batteries – nickel, manganese, cobalt, and graphite. Instead, the company is pioneering the use of lithium-sulfur batteries, which hold the potential for greater energy storage.
- Environmental and Economic Impact: Besides being lighter, these new batteries could also lessen the burden on the environment. Sulfur is much more cost-effective and earth-friendly compared to other commonly used metals. However, lithium-sulfur batteries are known for their shorter lifespan compared to lithium-ion ones, and scaling up production could present challenges.
What sets Lyten apart is their interest in developing Internet-of-Things sensors, attracting the attention of Honeywell, a significant player in the smart-home tech sector.
