Altilium, a battery materials recycling company, secured $9.43 million from SQM Lithium Ventures, the corporate venture arm of the lithium business of Sociedad Quimica y Minera de Chile (SQM), bringing its total investment to $12 million. The investment completes Altilium’s Series A funding round.
“The investment in Altilium gives SQM the chance to participate in the creation of a new industry: the recovery of critical minerals such as lithium, nickel, and cobalt from recycled batteries. This will allow us to add value to the new battery supply chain, while at the same time maintaining sustainable levels of resource consumption, water use, and carbon footprint. SQM’s top priorities include attracting technical talent to the company and associating ourselves with the world’s most innovative startups, allowing us to maximize our impact in the industry.” said Carlos Díaz, CEO of the Lithium-Potasium Division of SQM.
SQM Lithium Ventures made an initial investment of $2.57 million in Altilium last year. Altilium’s EcoCathode™ process converts old EV batteries and manufacturing scrap into domestic, sustainable battery precursors, cathode active materials (CAM), and cathode precursor (p-CAM) for direct reuse in new batteries.
Altilium is expanding its operations in the UK and Europe with the help of the funding. The company has several projects planned for 2024, such as:
Building a commercial plant in Plymouth, Devon, that will produce battery materials for automakers and cell makers. The plant will cover 18,000 square feet and start operating in mid-2024.
Setting up a Battery Recycling Station to convert used EV batteries into black mass.
Upgrading an existing plant in Eastern Europe to process 8,000 metric tons of black mass into EV battery components later in 2024.
Finalizing the design of an EV battery recycling facility in Teesside. The facility will be able to handle the battery waste from 150,000 electric vehicles and is expected to supply 20% of the UK’s demand for Cathode Active Materials (CAM).
According to Mercom’s Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid, Venture capital (VC/PE) funding in Energy Storage in 2023 was the highest ever recorded, increasing 59% year-over-year (YoY), with $9.2 billion in 86 deals compared to the $5.8 billion raised in 96 deals in 2022.
