Offering sustainable sodium-ion batteries, Uppsala-based company Altris AB has just secured €9.6 million in new funding. Great interest was shown throughout the round from investors such as Molindo Energy, Northvolt and EIT InnoEnergy. A combination of new investors and existing investors closed the round.
Founded in 2017, Altrius specialises in producing highly sustainable cathode materials for rechargeable sodium batteries. The company was founded with the belief that in order for a truly sustainable future to be realised, safer, more environmentally friendly and affordable batteries are vital.
To this end, Altrius produces pioneering high-performing sodium-ion cathode materials 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.
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.
Adam Dahlquist, Altris CEO commented: “With our new financial backing we stand ready to provide customers with the knowledge and materials they need to fulfil their sodium-ion battery aspirations, at a time where interest in this technology has never been greater. Our new industrial manufacturing unit will ensure that Fennac-based batteries become a reality within 2 years. Our new industrial manufacturing unit will ensure that Fennac-based batteries become a reality within 2 years”.
The fresh funding will be used to supercharge Altris’s production scale-up of Fennac to 2,000 tonnes, enabling 1 GWh of sustainable batteries and further research and development of sodium-ion batteries to take place.
Markus Berglund, Investment Manager, EIT InnoEnergy Scandinavia added: “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. 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.”