News
Altris Secures €9.6 million in Series A Funding
Published: Mar 03, 2022

Altris Secures €9.6 million in Series A Funding

Today Uppsala-based sodium-ion battery company Altris AB announces that it has raised €9.6 Million (100 MSEK) in a Series A funding round. The funding secures Altris’production scale-up of the company’s innovative battery cathode material, Fennac, to 2,000 tonnes, enabling 1 GWh of sustainable batteries and further research and development of sodium-ion batteries to take place.

Altris-Secures-€9.6-million-in-Series-A-Funding

Altris specialises in producing a highly sustainable cathode material for rechargeable sodium-ion batteries. The company is driven by the idea that safer, more environmentally friendly, and affordable batteries are vital in order to realise a truly sustainable future. Altris contributes to this vision by producing the world's first high-performing sodium-ion cathode material made from entirely sustainable and low-cost materials that are available in abundance, without any cobalt, nickel, or copper. Altris also uses an innovative and patented manufacturing method for Fennac that is low-cost and more environmentally friendly compared to the alternatives.

"With our new financial backing, we stand ready to provide customers with the knowledge and materials they need to fulfill their sodium-ion battery aspirations, at a time where interest in this technology has never been greater"

says Adam Dahlquist, Altris CEO.

"Our new industrial manufacturing unit will ensure that Fennac-based batteries become a reality within 2 years".

The company sells Fennac to battery-cell producers, which can use existing lithium-ion manufacturing processes and equipment to produce Fennac-based batteries. This simple transition enables a smooth adaptation, a quick scale-up of sodium-ion battery production, and a fast market introduction. Altris supports cell manufacturers in this transition with samples and material expertise to develop Fennac-based batteries and in-house competence in sodium-ion battery manufacturing.

Great interest was shown throughout the round from investors such as Molindo Energy, Northvolt, and EIT InnoEnergy, proving the immense enthusiasm for safe and sustainable sodium-ion battery solutions. The round was completed through a combination of new investors and existing investors continuing their participation.

"We are happy to continue supporting Altris through new investment and are proud to back a company with such potential to empower a sustainable energy future"

says Markus Berglund, Investment Manager, EIT InnoEnergy Scandinavia.

"Using only abundant materials, Altris’ technology provides strong economic and environmental benefits to enable the next generation of batteries that will initially accelerate the deployment of grid-scale storage applications. We look forward to a bright future together".

About Altris

At the heart of Altris, a Sweden-based sodium-ion battery developer, lies a commitment to revolutionizing the energy landscape. Our work spans from developing cathodes, electrolytes, and battery cells to designing blueprints for market-leading sodium-ion batteries. Born from the innovation hub of Ångström Laboratory at Uppsala University, we are transforming patented innovation into commercial reality. As we gaze into the future, we are driven by our aspiration to be Europe's foremost supplier of sodium-ion batteries. By doing so, we aim to make a substantial global impact by fostering scalable, superior battery technology.

Latest

Altris Formalizes Joint Development Agreement with Clarios

Stockholm, Sweden

Expanded partnership builds foundation for upcoming low voltage sodium ion battery systems

Published:
May 14, 2024

Altris wins the EIT Innovation Team Awards

Stockholm, Sweden

The Swedish sodium-ion battery developer Altris is one of the winners in the EIT Awards, the European Institute of Innovation and Technology’s competition to recognize the most promising entrepreneurs and innovators addressing global challenges connected to climate, energy, raw materials and more.

Published:
February 21, 2024