Uppsala, Sweden-based Altris, a sodium-ion battery developer, announced on Tuesday that it has secured €4.8M (SEK 50M) in bridge financing.
The bridge facility was oversubscribed by 60 per cent. The company plans to raise series B funding in 2023.
Altris says the latest funding will enable it to complete its new industrial-grade battery manufacturing facility in Uppsala, Sweden.
Appoints new CEO and CFO
Besides the funding, the Swedish company also announced the appointment of Björn Mårlid as its new CEO and Christer Bergquist as its new CFO.
Björn joins Altris after 20+ years at French battery developer SAFT, where he held several senior positions.
“I am very happy to be joining Altris. Few battery innovations survive the commercialisation process to become viable products – but Altris does. I look forward to playing a part in our continued development, moving towards large-scale deployment,” says Mårlid.
Christer Bergquist joins Altris from Norrsken where he has held roles such as COO and CFO of Norrsken Foundation and, most recently, General Partner of Norrsken Impact Accelerator.
“I am impressed by Altris’ journey so far, and the high ambitions to achieve real impact and contribute to a more sustainable and electrified world. The bridge financing enables us to maintain a high pace in our development while preparing to raise our Series B financing, says Bergquist.
The announcement comes over a year after raising €9.6M in a Series A round of funding from Molindo Energy, Northvolt, and EIT InnoEnergy, which is co-funded by the EU.
These developments come as the company pushes forward with its ambitious plans to commercialise its sodium-ion battery technology.
“We are proud of the confidence showed in us by our employees and investors, with this oversubscribed bridge round. This enables us to gear up while continuing our journey towards becoming the primary developer of sodium-ion batteries in Europe,” says Torbjörn Sternsjö, Chairman of Altris.
Altris: Sodium-ion battery developer
Founded in 2017 by Reza Younesi as a spin-off from Ångström Laboratory at Uppsala University, Altris aims to produce highly sustainable cathode materials for rechargeable sodium batteries to enable a renewable future.
Since its inception, the company has developed components, such as Prussian White cathodes, electrolytes, battery cells, and production blueprints.
The company says its sodium-ion battery technology offers significant advantages over traditional lithium-ion batteries, including higher safety, lower cost, and greater sustainability.
The company is driven by the idea that safer, more environmentally friendly, and affordable batteries are vital to realise a truly sustainable future.
The Swedish firm 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.
