Stellantis (STLA) invests in Lyten’s lithium-sulfur EV battery technology

May 25, 2023 11:30 AM EDT

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Stellantis (NYSE: STLA) announced Thursday that the American automaker has invested in advanced materials company, Lyten to accelerate the commercialization of the start-ups 3D Graphene applications for the mobility industry, including the LytCell Lithium-Sulfur EV battery. No financial or other details of the transaction were provided.

The investment, through Stellantis' venture capital arm Stellantis Ventures, aims to help the automaker simplify its supply chain and pursue greener technology for its battery-electric vehicles (EVs).

Unlike regular lithium-ion batteries, Lyten's Lithium-Sulfur batteries don't rely on nickel, cobalt, or manganese. As a result, they have an estimated 60% lower carbon footprint compared to the best-in-class batteries available today. This makes them a promising contender for the EV battery with the lowest emissions on the global market.

"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".

Stellantis, 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".

Shares of STLA are down 1.11% in mid-day trading on Thursday.

By Michael Elkins | [email protected]

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