This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEJ4O0C1_L.jpg
The investment, through Stellantis’ venture capital arm Stellantis Ventures, aims to help the world’s third largest carmaker by sales simplify its supply chain and pursue greener technology for its battery-electric vehicles (EVs).
Unlike traditional lithium-ion batteries, lithium-sulfur batteries developed by Lyten do not use nickel, cobalt, or manganese, resulting in an estimated 60% lower carbon footprint than current batteries, the companies said in a statement.
“Raw materials for lithium-sulfur batteries have the potential to be sourced and produced locally, in North America or Europe, enhancing regional supply sovereignty,” they said.
“This technology will meet the needs of industries seeking lightweight and energy-dense batteries that are free from supply chain disruptions”.
Lyten’s products will also help manufacturers take advantage of U.S. and European policy incentives, such as those in the U.S. Inflation Reduction Act, they added.
No financial or other details of the transaction were provided.
Stellantis CEO Carlos Tavares said Lyten’s materials technology could help to reduce vehicle weight, further aiding the drive to lower carbon emissions.
Stellantis, whose brands include Peugeot (OTC:PUGOY), Fiat, Jeep and Ram, aims to be carbon net zero by 2038. It is also targeting 100% of its European passenger car sales and 50% of its U.S. passenger car and light-duty truck sales to be battery EVs by 2030.
Oliver Gross, the carmaker’s senior fellow for energy storage and electrification, said it expected to have Lyten’s batteries available “definitely within the second half of the decade”.
