Svenska Altris raises 9.6 million euros to produce durable cathode materials for rechargeable sodium batteries
Uppsala, Sweden-based Altrisa company that develops environmentally friendly sodium ion batteries with renewable materials, announced on Tuesday that it has raised 9.6 million euros in a series A financing round.
The round was attended by a combination of new investors and existing investors, such as Stockholm-based Molindo Energy, Swedish battery developer and manufacturer Northvolt, and EIT InnoEnergy, which is co-financed by the EU.
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Markus Berglund, Investment Manager at EIT InnoEnergy Scandinavia, says: “We are pleased to continue to support Altris through new investments and are proud to support a company with such potential to provide a sustainable energy future. By using only plenty of materials, Altris provides technology economic and environmental benefits to enable the next generation of batteries that will initially accelerate the deployment of grid storage applications. We look forward to a bright future together. “
To develop environmentally friendly and inexpensive to produce batteries
Founded in 2017 by Reza Younesi and currently led by CEO Adam Dahlquist, Altris aims to produce highly durable cathode materials for rechargeable sodium batteries to enable a renewable future. The company is driven by the idea that safer, more environmentally friendly and affordable batteries are crucial to realizing a truly sustainable future.
Altris contributes to this vision by producing the world’s first high – performance sodium ion cathode material, called Fennac, made from completely durable and low – cost materials that are abundant and free of cobalt, nickel or copper.
The company sells Fennac to battery cell manufacturers, who can use existing lithium-ion manufacturing processes and equipment to produce Fennac-based batteries. This simple transition enables an adaptation, rapid upscaling of the production of sodium ion batteries and a rapid market introduction. Altris is supporting cell manufacturers in this transition with samples and materials expertise to develop Fennac-based batteries and internal expertise in the production of sodium ion batteries.
Capital utilization
Altris claims that the revenue will help scale up production of its innovative battery cathode material, Fennac, to 2,000 tonnes, enabling 1 GWh of sustainable batteries. Fennac is a Prussian white powder with a high sodium content that is a cathode material for the next generation of environmentally friendly sodium ion batteries.
Adam Dahlquist says, “With our new financial backing, we are ready to provide customers with the knowledge and materials they need to fulfill their ambitions for sodium ion batteries, at a time when interest in this technology has never been greater. Our new industrial manufacturing unit will to ensure that Fennac-based batteries become a reality within 2 years. ”
The company will also invest in further research and development of sodium ion batteries.
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