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US manufacturer Lyten confirmed on Thursday plans to set up its European headquarters in Luxembourg, with ministers and the company’s chief executive hailing it as a “success story”.
A press conference was held on Thursday, attended by Lyten CEO Dan Cook and three government ministers, Lex Delles, Xavier Bettel and Gilles Roth.
The company first announced plans to establish its headquarters in Luxembourg last year and has now confirmed that it will be taken forward with a €15 million investment from the Luxembourg government as part of the Future Fund 2 set up by SNCI and the EIF.
The Silicon Valley startup is committed to sustainability and produces special batteries with the goal of achieving net zero emissions. CEO Cook said: “We can reduce the weight of the battery by 40-70%, making it perfect for any moving object: cars, trucks, drones, etc.”
Economy Minister Lex Drais said the company is perfectly placed to integrate into Luxembourg’s economy: “Firstly in terms of research, secondly in terms of decarbonisation and thirdly as a European company with its headquarters in Luxembourg.”
Finance Minister Giles Ross called it an investment in the future, an investment in digitalization and sustainability. “It’s perfect for our financial center because we have expertise at the investment fund level, we have real expertise in this area, and these industries are particularly focused on the future.”
Foreign Trade Minister Xavier Bettel said the agreement was the result of close collaboration between the ministries. “It was important that we could coordinate between the three ministries, which gave us a central space to provide answers.”
In addition to its headquarters, Lyten is also seeking to make research an important part of the Grand Duchy of Luxembourg. On Wednesday, Cook visited the University of Luxembourg and the Luxembourg Institute of Science and Technology (LIST). Cook said he would not rule out the possibility of the company actively developing production in the Grand Duchy of Luxembourg, as Technoport is a potential location.
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