US firm Lyten to install European headquarters in Grand Duchy

A press conference was held on Thursday, including Lyten CEO Dan Cook and three government ministers, Lex Delles, Xavier Bettel and Gilles Roth.

The plans to set up the company's headquarters in Luxembourg were first announced last year, and are now confirmed to go ahead courtesy of a 15 million euro investment by the Luxembourg government as part of its "Future Fund 2" — an initiative set up by the SNCI and the EIF.

The Silicon Valley-based start-up is engaged in sustainability through producing special batteries with the aim of reaching net zero. CEO Cook said: "We can reduce the weight of batteries by 40-70%, making them perfect for anything that moves: cars, lorries, drones and much more."

Economy minister Lex Delles said the company was perfectly positioned to fit into Luxembourg's economy: "Firstly in terms of research, secondly in terms of decarbonisation, and thirdly as a company with its European headquarters here in Luxembourg."

Finance minister Gilles Roth called it an investment in the future, as well as in digitalisation and sustainability. "It's perfect for our financial centre because of the expertise on the level of investment funds, we have real expertise in that area and these sectors are particularly looking to the future."

Xavier Bettel, foreign trade minister, said the agreement was the result of close cooperation between various authorities. "It's important that we can coordinate this between three ministries, giving us a central space to provide answers."
 
In addition to the company's headquarters, Lyten is also seeking to make research an important component in the Grand Duchy. On Wednesday, Cook visited the University of Luxembourg and the Luxembourg Institute of Science & Technology (LIST). As the Technoport is a potential site, Cook said he had not ruled out the possibility of the company engaging in active production in the Grand Duchy.