SQM Lithium Ventures has invested $2,574,500 in Altilium, a prominent UK-based clean technology group, as part of Altilium’s Series A funding round. This marks Altilium’s significant step forward in its mission to produce sustainable battery materials by recycling lithium-ion batteries.
Why It Matters
SQM Lithium Ventures’ investment recognizes the pivotal role battery recycling will play in creating a sustainable supply chain for battery materials. This action aligns with the global shift towards clean energy technologies like electric vehicles (EVs). Furthermore, it signifies SQM Lithium Ventures’ commitment to establishing a circular economy in the battery industry.
- Altilium is the sole UK company producing battery-ready cathode active materials (CAM) from expended EV batteries at its Battery Recycling Technology Centre in Devon.
- SQM’s funding will:
- Propel the commercialization of Altilium’s distinctive battery recycling technology.
- Aid in scaling the demonstration line in Devon, setting the stage for Altilium’s inaugural commercial plant in the UK.
- Retrofit Altilium’s SX-EW hydrometallurgical plant in Eastern Europe to recycle waste from over 24,000 electric vehicles by 2024.
- Altilium has already garnered over US$6.5M from UK government innovation awards, including the Faraday Institutions Battery Challenge and the Automotive Transformation Fund.
- Collaboration is in place with top academic institutions, such as Imperial College London, to pioneer green processing methods for retrieving lithium and other vital battery metals from defunct batteries.
Both Altilium’s and SQM Lithium Ventures’ leaders have expressed enthusiasm for this partnership, highlighting its potential to redefine battery manufacturing and champion a circular economy. The shared vision is to extract the lithium and essential minerals required for EV batteries from existing waste streams, drastically reducing carbon footprints and driving forward a sustainable transportation future. Moreover, SQM Lithium Ventures emphasizes their dedication to innovation and integrating with pioneering startups in the industry to address global challenges effectively. This investment epitomizes the convergence of innovative technology, sustainability, and industry advancement.