Altris secures 150 MSEK Series B1 funding
The Swedish sodium-ion battery developer Altris has successfully raised SEK 150 million (approx. EUR 13 million) in a Series B1 funding round, welcoming new investors such as Clarios and Maersk Growth.
This financing will be pivotal in finalising Altris’ pilot production facility, enabling the commercial production of sodium-ion cathode material for battery cells.
A leading force in the sodium-ion battery industry
Strategic investors join Altris
The Series B1 round introduces new investors such as Clarios and Maersk Growth to the company’s list of owners, investing alongside the existing owners EIT InnoEnergy and Molindo. With these strategic additions, Altris now counts investors representing key industry verticals: grid storage, low voltage vehicle applications, and marine applications.
We are pleased to close the B1 funding round and excited to welcome our new investors to Altris, who are tier one players within their respective fields. I am proud of our owner list, which consists of long-term business partners contributing with extensive expertise and experience. Together, we will continue to develop and validate our technology within their respective industry verticals – to bring the world a better battery at scale.
Christer Bergquist, interim CEO of Altris
Advancing Europe’s battery future
EIT InnoEnergy has proudly supported Altris since our initial investment in 2017, and we are excited to see the company continue its growth and innovation journey. From the outset, we recognised Altris’ potential to significantly influence the future of energy storage in Europe. With the addition of these new strategic investors, we are confident that the validation and deployment of Altris’ sodium-ion battery technology will not only accelerate its market presence but also drive the broader electrification of multiple sectors, advancing Europe’s transition to sustainable energy solutions.Magnus Lundin, Investment Director at InnoEnergy Scandinavia
Key milestones and technological achievements
This financing is the latest of several important milestones for Altris. Earlier this year, Altris and Clarios announced an exclusive Joint Development Agreement to develop a low voltage power cell for mobility applications. In late 2023, the company presented a commercial-sized sodium-ion battery cell with an energy density of 160 Wh/kg. This achievement was made possible by Altris’ patented Prussian White cathode material. With a capacity of more than 160 mAh/g, it holds the highest capacity declared to date for this type of material, made entirely from abundant resources, and further positions the company as a strong player in the sodium-ion battery sector. We look forward to Altris’ continued success and its positive impact on the European battery value chain.
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