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 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".
Latest
Altris and Stora Enso in partnership to develop hard carbon anode material for sodium-ion batteries
Altris, a Swedish developer and prototype manufacturer of sodium-ion batteries, and Stora Enso, a leading provider of renewable products in packaging, biomaterials and wooden construction, are proud to announce a partnership. Together, the two companies will drive the adaptation of Stora Enso’s hard carbon solution Lignode® as an anode material in Altris’ sodium-ion battery cells.
Altris Formalizes Joint Development Agreement with Clarios
Expanded partnership builds foundation for upcoming low voltage sodium ion battery systems