Altilium, a UK-based cleantech group dedicated to advancing the energy transition to net zero, has successfully secured an additional $9.43M (approximately €8.71M) in its Series A follow-on round. The investment was led by SQM Lithium Ventures, marking the largest investment by the venture arm to date and bringing Altilium’s total Series A funding to $12M (nearly €11M).
David Rousselle, Engineering Manager at SQM and a member of Altilium’s board of directors, highlighted the critical need for lithium-ion battery recycling as these batteries become increasingly integral to modern society. Despite their widespread use in electric vehicles and electronic devices, less than 1% of lithium-ion batteries are recycled in the US and EU, compared to 99% of lead-acid batteries. With the growth of the electromobility market, lithium-ion battery recycling is poised to become essential.
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SQM Lithium Ventures’ Strategic Investment
SQM Lithium Ventures, the corporate venture arm of Sociedad Quimica y Minera de Chile (SQM), a leading producer of battery-grade lithium, initiated an investment of $2.57M in Altilium last year. This partnership aims to position SQM at the forefront of the global recycling curve, emphasizing the company’s commitment to economic, social, and environmental sustainability.
Expanding Recycling Facilities and Enhancing Technology
Following the investment, Altilium has achieved significant milestones, including the expansion of its recycling facilities in the UK, improvements to its proprietary EcoCathode hydrometallurgical process, and strengthening its senior management team. Carlos Díaz, CEO of the Lithium-Potassium Division at SQM, emphasized the investment’s role in creating a new industry focused on recovering critical minerals such as lithium, nickel, and cobalt from recycled batteries.
Revolutionizing the Automotive Supply Chain
Altilium aims to transform the automotive supply chain by providing high-volume, low-carbon domestic cathode and anode materials through recycling, including lithium scrap. The company’s proprietary EcoCathode process converts end-of-life EV batteries and manufacturing scrap into sustainable battery precursors, cathode active materials (CAM), and cathode precursor (pCAM) for direct reuse in new batteries.
Accelerating UK and European Operations
The additional funding will accelerate Altilium’s operations in the UK and Europe, introducing a comprehensive battery circularity customer offering. This includes services such as zero-carbon EV battery collection, black mass recycling, and direct chemical refining to Cathode Active Materials (CAM). In 2024, Altilium plans to commence operations at a new facility in Plymouth, Devon, and support the construction of the first Battery Recycling Station to transform discarded EV batteries into high-quality black mass.
With this funding, Altilium is well-positioned to lead in battery recycling, contributing to a sustainable UK supply of battery raw materials and supporting the global transition to net zero.
