Lyten secures $200M fund for lightweight EV batteries

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.

1. 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.

2. Delivery of EV Batteries: Lyten is gearing up to start delivering EV batteries by 2024.

3. 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.

4. 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.