Swedish sodium-ion battery developer Altris has successfully raised SEK 150m in a Series B1 funding round, introducing new investors such as Clarios and Maersk Growth.
The financing will be used to finalise Altris’ pilot production facility, and thereby enable commercial production of sodium-ion cathode material for battery cells. Altris has been on a rapid growth journey since its foundation in 2017, developing its patented cathode material, Altris Prussian White, as well as electrolytes, battery cells, and production blueprints for sodium-ion batteries. The new financing is a first tranche of a Series B funding round, which will enable the finalisation of Altris’ pilot production facility and position the company to meet the demand for sustainable and cost-competitive batteries that are sourced in Europe.
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 additions, Altris now has strategic investors representing its key target industry verticals, which include marine applications.
Christer Bergquist, interim CEO Altris, said: “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.”
Federico Morales-Zimmermann, VP and GM Global OEM Customers and Technology, Clarios, added: “This investment is of strategic importance for Clarios and a testament to our commitment to set a new standard for the automotive industry. Altris’ technology is key to power progress with energy solutions that are more efficient, reliable and sustainable. By championing this innovation, Clarios is demonstrating our dedication to a cleaner, more energy-efficient future.”
Ole Graa, Head of Fleet Technology, A.P. Moller–Maersk, said: “We are very excited about collaborating with Altris, as Maersk continues working towards reaching net zero GHG emissions for our entire business in 2040. From the get-go, our team have been impressed with Altris’ technology, which offers superior energy density with a lower emissions profile and safety credentials that lend itself very well to a wide range of potential applications.”
This financing is the latest of several important milestones for Altris. Earlier in 2024, 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, said to be the highest capacity declared to date in a Prussian White cathode material made solely from abundant raw materials.
Image: Altris battery research facility (source: Altris)
