UK-based Altilium, a cleantech group focused on supporting the energy transition to net zero, announced that it has secured an additional $9.43M (nearly €8.71M) in its Series A follow-on round from SQM Lithium Ventures, reaching a total investment of $12M (nearly €11M).
This marks the completion of Altilium’s Series A funding round and stands as the largest investment by SQM Lithium Ventures to date.
David Rousselle, Engineering Manager at SQM and member of Altilium’s board of directors, says, “Lithium batteries have become an essential component of modern society, as they’re used in electric vehicles and electronic devices. Despite the importance of the circular economy, most lithium-ion batteries are still not recycled.”
“In the US and EU, less than 1 per cent of lithium-ion batteries are recycled, compared to 99 per cent of lead-acid batteries. Given the growth in the electromobility market, lithium-ion battery recycling will be essential in the coming years.”
“The investment in Altilium allows SQM to get ahead of the global recycling curve, doubling down on the company’s commitment to developing solutions for human progress and working toward economic, social, and environmental sustainability,” adds Rousselle.
Investor supporting Altilium
SQM Lithium Ventures is the corporate venture arm of Sociedad Quimica y Minera de Chile (SQM), a producer of battery-grade lithium.
Last year, SQM Lithium Ventures initiated an investment of $2.57M in Altilium.
Subsequently, Altilium claims to have achieved significant developmental milestones, encompassing the expansion of its recycling facilities in the UK, improvements to its proprietary EcoCathode hydrometallurgical process, and the fortification of its senior management team.
Carlos Díaz, CEO of the Lithium-Potasium Division of SQM, says, “The investment in Altilium gives SQM the chance to participate in the creation of a new industry: the recovery of critical minerals such as lithium, nickel, and cobalt from recycled batteries.”
“This will allow us to add value to the new battery supply chain, while at the same time maintaining sustainable levels of resource consumption, water use and carbon footprint.”
“SQM’s top priorities include attracting technical talent to the company and associating ourselves with the world’s most innovative startups, allowing us to maximise our impact in the industry.”
Supporting a sustainable UK supply of battery raw materials
Altilium aims to revolutionise the automotive supply chain by providing high-volume, low-carbon domestic cathode and anode materials through recycling, including lithium scrap.
The company’s proprietary EcoCathode process converts end-of-life EV batteries and manufacturing scrap into sustainable battery precursors, cathode active materials (CAM) and cathode precursor (pCAM) for direct reuse in new batteries.
Altilium is building its inaugural mini-commercial plant in Plymouth, and the planned Teesside plant will be one of Europe’s largest EV battery recycling plants.
With the capability to process scrap from over 150,000 EVs annually, the Teesside plant will generate 30,000 metric tons of CAM, fulfilling approximately 20 per cent of the UK’s anticipated needs by 2030.
Capital utilisation
The additional funding will accelerate the expansion of Altilium’s operations in the UK and Europe, facilitating the introduction of the company’s comprehensive battery circularity customer offering.
This includes services such as zero-carbon EV battery collection, black mass recycling, and direct chemical refining to Cathode Active Materials (CAM).
In 2024, Altilium plans to start operations at a new 18,000-square-foot facility in Plymouth, Devon, processing battery materials for qualification with automakers. The proceeds will also support the construction of the first Battery Recycling Station to transform discarded EV batteries into high-quality black mass.
Additionally, Altilium aims to commence hydrometallurgical refining in Eastern Europe, processing 8,000 metric tons of black mass into EV battery intermediates later in the year.
Dr Christian Marston, Altilium’s President & COO, says, “We are delighted to continue our relationship with SQM and excited about the journey ahead as we build a UK and European leader in battery recycling.”
“We are immensely grateful for their belief in our business and our shared vision for achieving the lowest carbon footprint in battery raw materials.”
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