Altris secures €4.8M to offer sodium-ion batteries worldwide
Uppsala-based battery developer Altris has raised €4.8 million (SEK 50 million) in bridge financing to fulfil the global demand for renewable energy with its sodium-ion batteries
Altris’ current investors and employees participated in the bridge financing, which the Swedish startup said was oversubscribed by 60 percent. The producer plans to use the funds to finish the construction of its industrial-grade battery manufacturing facility in Uppsala, which will support large-scale deployments of its products.
The news came more than a year after Altris secured €9.6 million (SEK 100 million) in Series A funding. The company said the current funding helped it maintain a high-paced development.
“This enables us to gear up while continuing our journey towards becoming the primary developer of sodium-ion batteries in Europe,” chairman Torbjörn Sternsjö said.
In addition to the funding, Altris announced the appointment of Björn Mårlid and Christer Bergquist as the company’s chief executive officer and chief financial officer, respectively. Mårlid joins Altris with over 20-year experience at French battery developer Saft, while Bergquist previously worked at non-profit organisation Norrsken Foundation.
Mårlid said he was “very happy” to join Altris, explaining that the startup managed to “survive” the commercialisation stage even though most other battery innovations did not. Meanwhile, Bergquist said he was “impressed” with Altris’ goal to contribute to global sustainability. According to Bergquist, Altris is gearing up for a Series B fundraising later this year.
Altris’ sodium-ion batteries
Founded in 2017, Altris is working to provide more sustainable cathode materials for rechargeable sodium batteries. The company currently produces components such as Prussian White cathodes and battery cells. Altris believes that sodium-ion batteries are superior to traditional lithium-ion batteries in terms of safety, production cost and environmental impact.
The company says affordable and environmentally friendly batteries are critical for realizing a “truly” sustainable future. According to experts, demands for batteries will increase in the coming years as countries tighten the regulations regarding sustainable energy. As a result, numerous companies are working to produce batteries that are less harmful to the environment.
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