2024-03-12 21:51:32
This investment completes Altilium’s “Series A” financing round and represents the largest investment to date by the corporate venture capital arm of SQM’s lithium business.
SQM Lithium Ventures announced an investment of US$ 9.43 million in Altilium Clean Technologies, thus raising its total investment to US$ 12 million at the UK-based cleantech startup seeking to support the energy transition to reach net zero emissions.
This investment completes Altilium’s “Series A” financing round and represents the largest investment to date by SQM Lithium Ventures, the corporate venture capital arm of SQM’s lithium business.
“It is a priority for SQM to attract technical talent to the company and partner with the most innovative startups in the world that allow us to generate the greatest impact in the industry,” declared Carlos Díaz, General Manager of the Lithium-Potassium Division of SQM.
On behalf of Altilium, the CEO of the startups, Kamran Mahdavi, said: “This round of financing with SQM Lithium Ventures has been a fundamental achievement for Altilium and reflects the great progress that the company has made in the last 12 months. “We look forward to building on these achievements with the support of our partners and our dedicated team.”
Words joined by Christian Marston, president and COO of Altilium: “We are delighted to continue our relationship with SQM and excited about the path ahead as we become a leader in battery recycling in the United Kingdom and Europe.”
He added that “we are immensely grateful for their trust in our business and our shared vision of achieving the lowest carbon footprint in raw materials for battery manufacturing.”
Lithium battery recycling
Las lithium batteries They are an essential element in modern society, used in electric vehicles, tools and electronic devices. However, most lithium-ion batteries are not recycled.
“Less than 1% of these batteries are recycled in the United States and the European Union, compared to 99% of lead-acid batteries. Given the growth of the electromobility market, the recycling of lithium-ion batteries will be essential in the coming years,” said David Rousselle, Engineering Manager at SQM and member of the Altilium board of directors.
This investment highlights the commitment of both companies to the development of a circular economy for sustainable and low-carbon battery materials.
“The investment in Altilium Clean Technologies allows SQM, through technology, to get ahead of the global recycling challenge as part of its commitment to sustainable development in economic, social and environmental terms, thus contributing to improving the quality of life.” current and future,” added Rousselle.
Since SQM Lithium Ventures’ first investment in Altilium last year, the company has achieved several important development milestones, including expansion of its recycling facilities in the United Kingdom, the improvement of its patented “EcoCathode” hydrometallurgical process and the strengthening of its management team.
Going forward, the additional funding will accelerate the expansion of Altilium’s activities in the UK and Europe, paving the way for the launch of the company’s full battery circularity offering, including zero-emission electric vehicle battery harvesting. carbon, black mass recycling and direct chemical refining to cathode active material (CAM).
In the words of Carlos Díaz, this investment “allows SQM to participate in the creation of a new industry: the recovery of critical metals such as lithium, nickel and cobalt from recycled batteries.”
Milestones for 2024
The investment will see an 18,000 square meter small commercial scale plant built in Plymouth, Devon, to begin operations in mid-2024, processing significant volumes of battery precursors and CAM for qualification with OEMs and cell manufacturers.
In turn, the capital raised will be essential for the construction of Battery Recycling Stations (BRS) which will efficiently transform discarded electric vehicle batteries into high-quality black mass, a crucial input for Altilium’s chemical refineries.
Plans are also due to be finalized for the UK’s largest electric vehicle battery recycling facility: The planned plant on Teesside will have the capacity to process waste batteries from 150,000 electric vehicles.
This facility aims to cover 20% of the UK’s Critical Raw Materials (CAM) demand by 2030.
“This will allow us to add value to a new battery supply chain, while maintaining efficient levels of resource consumption, a lower carbon footprint and minimal water use,” concluded Díaz.