Altris secures SEK 150 million in Series B1 financing round

New investors such as Clarios and Maersk Growth support the company in the final realization of its pilot production plant for sodium-ion batteries

Uppsala, October 2024 - Swedish sodium-ion battery developer Altris has successfully raised SEK 150 million in a Series B1 funding round, welcoming new investors Clarios and Maersk Growth. The funding will be used to finalize Altris' pilot production facility to enable commercial production of sodium-ion cathode material for battery cells.

Growth and development since 2017

Altris has been on a rapid growth trajectory since its founding in 2017. The startup has developed its patented cathode material Altris Prussian White as well as electrolytes, battery cells and production plans for market-leading sodium-ion batteries. The new funding is a first tranche of a Series B financing round that will enable Altris to finalize its pilot production facility and meet the demand for sustainable and competitive batteries sourced in Europe.

New investors expand ownership portfolio

With the Series B1 round, new investors such as Clarios and Maersk Growth join existing owners EIT InnoEnergy and Molindo. With these additions, Altris now has strategic investors covering its key target sectors: Grid Storage, Low Voltage Automotive and Maritime applications.

Comments from the management

Christer Bergquist, interim CEO of Altris, says: "We are pleased to close the B1 funding round and welcome our new investors to Altris, who are leaders in their respective fields. I am proud of our ownership list, which consists of long-term business partners who contribute with extensive expertise and experience. Together we will continue to develop and validate our technology in their respective industries to bring a better battery to the world at scale."

Federico Morales-Zimmermann, Vice President and General Manager, Global OEM Customers and Technology at Clarios, added: "This investment is strategically important for Clarios and demonstrates our commitment to setting a new standard for the automotive industry. Altris' technology is critical to driving progress with energy efficient, reliable and sustainable solutions. With this innovation, Clarios demonstrates our commitment to a cleaner, more energy-efficient future."

Ole Graa, Head of Fleet Technology at A. P. Moller - Maersk, comments: "We are very excited to be working with Altris as Maersk continues to work towards achieving net zero greenhouse gas emissions for our entire business by 2040. From the outset, our team was impressed with Altris' technology, which offers superior energy density with a lower emissions profile and safety features that are very well suited to a wide range of potential applications."

Milestones and future outlook

This funding represents the latest of several important milestones for Altris. Earlier this year, Altris and Clarios announced an exclusive Joint Development Agreement to develop a low-voltage power cell for mobility applications. At the end of 2023, the company presented a commercially sized sodium-ion battery cell with an energy density of 160 Wh/kg. This success was made possible by the patented Altris Prussian White cathode material, which has a capacity of more than 160 mAh/g - the highest capacity yet reported for a Prussian White cathode material made exclusively from abundant raw materials.

Altris was advised by Société Générale and DLA Piper.