Altris attracts new investments to support scale-up ambitions
Altris’ newly completed issue of shares was oversubscribed despite covid-19. The Swedish start-up is thus financially equipped to scale up production and disrupt the battery industry. The aims is to make Altris’ battery chemistry dominant in stationary storage and to take significant market share in electric vehicles.
“Altris has chosen a business model that makes it possible to quickly scale up and capture the great potential that exists around this new battery chemistry”, says Torbjörn Sternsjö, investor in the company and newly appointed board member.
The company creates an opportunity for the world’s producers of lithium-ion batteries to rapidly switch to producing sustainable sodium ion batteries.
With Altris’ cathode material Fennac®, battery cell manufacturers can create competitive batteries from elements that are abundant on earth. Manufacturing requires no manganese, cobalt, lithium, phosphorus or copper, only common and non-toxic elements. Raw material cost will be reduced without the need for investment in new equipment.
“Energy consumption is also reduced thanks to the fact that you can use water instead of the toxic and flammable chemical NMP in the manufacture of cathode”, says Ronnie Mogensen, materials expert at Altris.
During the summer, three more battery cell manufacturers decided to manufacture cells with Fennac® as the cathode.
“We have recruited engineers and doctors. We need that manpower. To deliver to new and existing customers and to scale up production”, says Adam Dahlquist, CEO, Altris.