Press

Investment firm Molindo has today placed its trust in Altris, producer of the groundbreaking sodium-ion cathode material, to the tune of 3 MSEK (300,000 Euros). Molindo’s experience in helping to scale sustaintech companies makes them well-suited to support Altris’ journey to revolutionize the battery industry.

Altris has been raising capital between funding rounds from a mixture of existing and new investors, which provided the opportunity for Molindo to make a modest industrial investment. Beyond the investment though, Molindo’s background in financing green growth companies is of great value to Altris. Molindo’s advantageous knowledge recently worked to scale Renewcell, a fast-growing Swedish sustaintech company with a unique textile recycling technology that is changing the fashion industry for the better. Success Altris hopes to mimic.

‘Molindo’s interest in Altris’ comes at just the right moment, the production of our high performing and sustainable cathode material Fennac®, is prime for upscaling’ says Adam Dahlquist, Altris CEO

‘We are truly excited to be part of Altris’ journey and we believe Altris’ groundbreaking cathode material will make a significant commercial success in the global battery industry’ says Morgan Sadarangani, Molindo Energy CEO.

Altris has been selected to participate in an extremely ambitious project, aimed at electrifying passenger transport in Sweden. The collaborative project will use Altris’ groundbreaking cathode material Fennac® to create sodium-ion batteries that can not only charge vehicles, but also balance local grid needs. This depot is the first of its kind and marks the first real-world demonstration of Altris’ innovation.

Electrified transport plays an important role if Sweden is to be able to reach established environmental and climate goals. As the move to electrified transportation accelerates though, the electricity grid is under strain. In order to tackle this challenge, a unique constellation of actors have joined forces for a project under the umbrella of Sweden’s Smart City Strategy. The ambition is to create a solution for a balanced electricity network which can handle an increasing amount of electric public transport buses.

In Svealandstrafiken’s bus depot in Västerås, the project will create the first depot in the country that will use an algorithm to optimise the charging of electric public transport buses from sodium-ion batteries, whilst also balancing local grid needs.

The project brings together 10 partners from different fields, including giants of the industry such as ABB and Scania. The project has an overall budget of just over 19 million SEK (1.9 million Euros). Approximately 50% of this funding comes from Vinnova, Sweden’s innovation agency, who help to build Sweden’s innovation capacity and contribute to sustainable growth. This particular project is part of the wider strategy to move towards smarter cities and is seen as an innovative circular solution for energy storage, benefiting both public transportation and the grid.

The project is run by Tvinn and BioDriv Öst and other collaborators on this project include:

ABB
Altris AB
Scania
Solkompaniet
Svealandstrafiken
Transdev
Region Uppsala
Uppsala University