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☆ Battery startup Lyten raises $200 mln in new funding round
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

Sept 12 (Reuters) - Silicon Valley battery startup Lyten said on Tuesday that it raised $200 million in new funding as it looks to scale up manufacturing of lithium-sulfur EV batteries, lightweight composites and sensors. The latest funding, led by venture capital firm Prime Movers Lab, takes the total equity investment in Lyten to more than $410 million. The company in May received an investment from Stellantis (STLAM.MI) to help the carmaker simplify its supply chain and pursue greener technology for EVs. Lyten targets to deliver its first commercial composites application by year-end. Reporting by Nathan Gomes in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Nathan Gomes, Dhanya Ann Thoppil Organizations: Prime, Lab, Stellantis, FedEx, U.S ., Thomson Locations: Lyten, Stellantis, U.S, Bengaluru

DETROIT, June 15 (Reuters) - The venture capital arm of automaker Stellantis (STLAM.MI) said on Thursday it will invest about 100 million euros ($108.3 million) in automotive and battery technology startups and a mobility venture fund. Stellantis Ventures will put an undisclosed amount into a mobility venture fund that Bazih said he could not name because it has not finalized regulatory paperwork. The company is one of several established automakers that have set up venture capital arms to gain access to new technology and talent. Venture capital investments can go wrong 70 to 80% of the time, he said. Lyten, EV battery technology including lithium sulfur batteries.

Persons: Stellantis, Adam Bazih, Bazih, Joe White, Matthew Lewis Organizations: DETROIT, Stellantis Ventures, Venture, Stellantis, EV, Thomson Locations: Stellantis, Lyten, Detroit

☆ Stellantis Ventures spends first 100 million euros on green drive
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

The world's third largest carmaker by sales, last year launched Stellantis Ventures with an initial 300 million euros to invest in start-ups developing technologies that will further its 2030 goals, including those concerning the transition to lower-emission mobility. "We are using the strength of Stellantis Ventures to connect with companies that are developing cutting-edge technology that we believe can transform the in-cabin experience and improve the mobility sector," Stellantis technology chief Ned Curic said in a statement. Stellantis Ventures' global head Adam Bazih said the arm had so far used roughly a third of its funding to support 10 start-up companies and one mobility venture fund. They include lithium-sulfur EV batteries start-up Lyten, which Stellantis separately announced last month. Stellantis did not disclose the name of the U.S.-based mobility venture fund it is helping to fund due to a pending regulatory process, Bazih said.

Persons: Ned Curic, Adam Bazih, Stellantis, Bazih, Giulio Piovaccari, Gilles Guillaume, Jane Merriman, Barbara Lewis Organizations: Stellantis, MILAN, Stellantis Ventures, Products, Thomson Locations: U.S, Europe

Today's EVs run on lithium ion batteries — mostly made with lithium, cobalt, manganese and high-grade nickel, whose prices have soared. The EVs of the future — those arriving after 2025 — could shift to sodium ion or lithium sulfur battery cells that could be up to two-thirds cheaper than today's lithium ion cells. China's CATL (300750.SZ) has said it plans to begin producing sodium ion cells in 2023. Michigan-based Amandarry and British startup AMTE Power (AMTE.L) are developing sodium ion batteries using sodium chloride — basically table salt — as the main cathode ingredient. Battery developers hope they can add sodium ion and lithium sulfur batteries to the range open to the auto industry.

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