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.
Adam Dahlquist, Altris CEO, said:
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’.
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.
Markus Berglund, Investment Manager, EIT InnoEnergy Scandinavia, said:
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’.
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Altris Secures €9.6 million in Series A Funding, March 21, 2022
