Swedish firm raises EUR9.6 M for sustainable cathode material for Na+ batteries

• The financing safeguards Altris' manufacturing scale-up of the firm's ingenious battery cathode material, Fennac, to 2,000 tonnes, enabling 1 GWh of sustainable batteries and further research and development of sodium-ion batteries to occur, said the company.

Swedish sodium-ion battery business Altris AB has actually raised EUR9.6 Million (100 MSEK) in a Series A funding round. The funding protects Altris' production scale-up of the business's ingenious battery cathode material, Fennac, to 2,000 tonnes, enabling 1 GWh of sustainable batteries and more research and development of sodium-ion batteries to occur, said the company.

Altris specialises in producing a sustainable cathode material for rechargeable sodium-ion batteries. The firm aims to contribute to the manufacturing of environmentally friendly and also affordable batteries by its fabrication of "the world's initial high carrying out sodium-ion cathode material made from entirely sustainable as well as low-cost materials that are available in wealth, with no cobalt, nickel or copper." Altris also states that it uses an ingenious and also patented production approach for Fennac that is inexpensive as well as much more eco-friendly compared to the options.

' With our new financial backing we stand ready to provide customers with the knowledge as well as materials they need to meet their sodium-ion battery ambitions, at once where rate of interest in this technology has actually never been better' says Adam Dahlquist, Altris CEO. "Our new industrial production unit will ensure that Fennac-based batteries become a reality within 2 years,"

The business sells Fennac to battery-cell producers, which can utilize existing lithium-ion manufacturing processes and also devices to create Fennac-based batteries. This simple change enables a smooth adjustment, a quick scale-up of sodium-ion battery production, and also a quick market introduction, claims the company. Altris supports cell makers in this shift with samples and also worldly know-how to develop Fennac-based batteries and internal competence in sodium-ion battery production.

Rate of interest was displayed in the funding round by financiers such as Molindo Energy, Northvolt and EIT InnoEnergy, that shared enthusiasm for safe and sustainable sodium-ion battery remedies. The round was completed via a combination of new and present financiers continuing their participation.

' We are happy to continue supporting Altris through brand-new investment and are proud to back a firm with such potential to encourage a sustainable energy future' says Markus Berglund, Investment Manager, EIT InnoEnergy Scandinavia.

" Using just plentiful materials, Altris' innovation provides solid economic and ecological benefits to enable the future generation of batteries that will at first increase the deployment of grid-scale storage space applications. We look forward to a bright future with each other."