Swedish company Altris secured 9.6 million euros in a Series A funding round for its sodium-ion batteries. The round was backed by new investors alongside existing investors, such as Molindo Energy, Northvolt, and EIT InnoEnergy. The company aims to feed the idea of a sustainable future by providing low-cost and sustainable cathode material for rechargeable batteries by using only renewable materials. With this fund, the company will have the opportunity to increase its Fennac production, the battery cathode material, to 2 thousand tons. This will also create a way for further research, the development and adoption of sustainable batteries.
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 fulfil 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.”