[ad_1]
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, founded in 2015, said it was working with Stellantis, FedEx (FDX.N), the U.S. government, and other companies to develop products, including lightweight and multifunctional composites and ultra-high sensitivity networks in automotive, logistics, aviation and defense sectors.
Lyten targets to deliver its first commercial composites application by year-end.
Reporting by Nathan Gomes in Bengaluru; Editing by Dhanya Ann Thoppil
Our Standards: The Thomson Reuters Trust Principles.
[ad_2]
Source link