Altris secures funding to grow Europe’s sodium-ion battery value chain

Swedish sodium-ion battery developer Altris has raised SEK 150 million ($14.5 million) in a Series B1 funding round as it seeks to expand its production capabilities and market presence in Europe.

The first tranche of a Series B funding round introduced new investors such as Clarios – US-based manufacturer of low-voltage car batteries – and Danish venture capital firm Maersk Growth, alongside the existing owners: the Netherlands-based EIT InnoEnergy and Sweden-based Molindo.

The financing will be used to finalize Altris’ pilot production facility, and thereby enable commercial production of sodium-ion cathode material for battery cells and “position the company to meet the demand for sustainable and cost-competitive batteries that are sourced in Europe.”

Founded in 2017, the Uppsala University spinoff has developed a proprietary technology to produce Fennac (Prussian White) sodium-ion cathode matherial, which consists of sodium, iron carbon, and nitrogen.

Altris has been on a rapid growth journey since its foundation in 2017, developing its patented cathode material, Altris Prussian White, as well as electrolytes, battery cells, and production blueprints for market-leading sodium-ion batteries.

In 2023, the company presented a commercial-sized sodium-ion battery cell with an energy density of 160 Wh/kg. This achievement was made possible by Altris’ patented Prussian White cathode material with a capacity of more than 160 mAh/g.

According to Altris, this is “the highest capacity declared to date in a Prussian White cathode material made solely from abundant raw materials.”

“Now, we have our eyes set on achieving 200 Wh/kg and beyond, while keeping our chemistry pure and sustainable,” Björn Mårlid, CEO of Altris, said in November 2023 when, in October, the company announced a milestone in its technology development.

Altris acted as technology partner for embattled Swedish battery manufacturer Northvolt in the development of its first-generation sodium-ion battery cells. 

Northvolt’s cell has been validated for an energy density of more than 160 Wh/kg and is designed primarily for energy storage applications.

Back in 2022, Northvolt invested in Altris as part of the company’s Series A funding round.

Earlier this year, Altris partnered with Stora Enso – a Finish-Swedish cellulose and paper maker – to drive the adaptation of the corporation’s hard carbon solution Lignode as an anode material in its sodium-ion battery cells.