Investment Boosts Altilium’s Circular Battery Initiative
Strategic Investment from Marubeni Corporation
The tech firm Altilium, headquartered in the UK, has revealed a funding-round/” title=”SxT Labs' Blockchain Database Raises M in Series A Funding Round”>substantial investment of $5 million (approximately £4.07 million) from Marubeni Corporation, a prominent Japanese trading and investment conglomerate. This funding is part of Altilium’s Series B financing round.
Aiming for Sustainability in Lithium-Ion Batteries
This financial backing represents a crucial step forward in Altilium’s growth roadmap and propels the company’s efforts to provide the most eco-friendly lithium-ion battery materials within the UK market. Their comprehensive circular economy approach includes collecting zero-carbon electric vehicle (EV) batteries, recycling black mass, and refining chemicals into battery metal salts as well as cathode precursor (pCAM) and cathode active materials (CAM). A key component of this initiative will be the establishment of what is planned to be the largest EV battery recycling facility in the UK, situated in Teesside.
Facility Development Plans at Teesside
The funding will facilitate critical development phases for the Teesside plant, which include engineering assessments, land acquisition processes, securing planning permissions, and assembling a leadership team. Once fully operational, this facility is expected to manage waste from 150,000 EVs annually while generating about 30,000 metric tons of low carbon CAM—sufficient to fulfill roughly 20% of anticipated UK CAM demands by 2030.
Pioneering Sustainable Practices for Battery Materials
Altilium positions itself at the forefront of creating an environmentally responsible circular economy for battery materials within Britain. By minimizing reliance on global supply chains and conserving valuable natural resources through its EcoCathode™ technology—capable of reclaiming over 95% of metals from used EV batteries—the company significantly lowers raw material costs by up to 20% while also reducing greenhouse gas emissions by as much as 74% compared with traditional sources.
A Partnership with Purpose: Kamran Mahdavi’s Vision
“We are thrilled to welcome Marubeni as a strategic partner during this vital phase,” stated Kamran Mahdavi, CEO of Altilium. “Their support not only enhances our role as frontrunners in sustainable battery solutions but also cements our commitment towards establishing Britain’s largest recycling site specifically designed for EV batteries. This collaboration helps us move forward with constructing an internal supply chain that reduces foreign material reliance while diminishing our environmental impact.”
Cultivating Sustainable Supply Chains through Collaboration
Since signing a Memorandum of Understanding (MOU) earlier this year with Marubeni Corporation in 2023, both entities have been diligently collaborating on establishing a closed-loop system specifically tailored towards recycling end-of-life lithium-ion batteries at Altilium’s facilities across the UK.
Marubeni’s Rich History in Battery Material Sector
Marubeni has been entrenched within the battery material domain since its entry into this sector back in 1985. In recent times they have expanded their investments into recyclable markets post-entry into U.S.-based initiatives focused on recovering valuable components from outdated batteries. The company’s Mid-Term Management Strategy known as GC2024 emphasizes sustainability via green initiatives aimed toward developing reliable sourcing channels for essential metals necessary during society’s shift toward decarbonization goals.
An Ongoing Funding Journey: Achievements So Far
This latest round follows an earlier Series A funding achievement completed by Altilium wherein they acquired $12 million through SQM Lithium Ventures—the corporate venture division under Sociedad Química y Minera de Chile—which stands out among global leaders producing high-grade lithium suitable for various applications including energy storage systems.