Altris raises €9.6m for sustainable sodium battery tech

Altris raises €9.6m for sustainable sodium battery tech

Business news |
By Nick Flaherty

Altris in Sweden has raised €9.6m (100 MSEK) to scale up production of its environmentally-friendly cathode material for rechargeable sodium batteries.

The Series A funding round will scale up production of the material, called Fennac, to 2,000 tonnes, enabling 1 GWh of sustainable batteries and further research and development of sodium-ion batteries to take place.

Fennac is a high performance sodium-ion cathode material made from entirely sustainable and low-cost materials that are available in abundance, without any cobalt, nickel or copper. The cost of all these materials is increasing as a result of supply chain worries.

The high sodium content Prussian White powder (NaxFe[Fe(CN)6] with x>1.9) can be paired against anode materials which do not contain sodium. Ideal storage is under inert conditions in order to maintain quality over the longer term and operates at a nominal voltage of 3.25 V on average with a capacity around 160 mAh/g.

Altris, based in Uppsala, also uses an innovative and patented manufacturing method for Fennac that is low-cost and more environmentally friendly compared to the alternatives.

“With our new financial backing we stand ready to provide customers with the knowledge and materials they need to fulfil their sodium-ion battery aspirations, at a time where interest in this technology has never been greater” said Adam Dahlquist, CEO of Altris. “Our new industrial manufacturing unit will ensure that Fennac-based batteries become a reality within 2 years.”

The company sells the Fennac material to battery-cell producers, which can use existing lithium-ion manufacturing processes and equipment to produce Fennac-based batteries. This simple transition enables a smooth adaptation, a quick scale-up of sodium-ion battery production, and a fast market introduction. Altris supports cell manufacturers in this transition with samples and material expertise to develop Fennac-based batteries and in-house competence in sodium-ion battery manufacturing.

Investors include Molindo Energy, EIT InnoEnergy and European battery Gigafactory firm NorthVolt.

“We are happy to continue supporting Altris through new investment and are proud to back a company with such potential to empower a sustainable energy future,” said Markus Berglund, Investment Manager, EIT InnoEnergy Scandinavia. “Using only abundant materials, Altris’ technology provides strong economic and environmental benefits to enable the next generation of batteries that will initially accelerate the deployment of grid-scale storage applications. We look forward to a bright future together.”

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