Altris raises €9.6 million, goes for production of sodium-ion batteries
Sodium-ion battery company Altris has raised €9.6 million in a Series A funding round. With sustainability as the driver, Altris has developed a method of producing Fennac that makes the material ideal for use as a positive electrode in sodium-ion batteries. The new funding will allow Altris to scale up its production capabilities, as well as continue further research and development activities. Since mid-2020 the company has raised approximately €11.5 million. Altris’ €9.6 million Series A round saw participation from both new and existing investors including Molindo Energy, Northvolt, and EIT InnoEnergy.
When it comes to rechargeable batteries, be they in a mobile device, a laptop, or a car, the format we’re most familiar with is lithium-ion. The upsides of these batteries are numerous, but when you take a closer look at the materials and processes involved in making them, their long-term viability becomes questionable at best.
Altris-based batteries effectively remove the lithium component of the equation by replacing it with a sodium-ion cathode material derived from Fennac, a proprietary framework material consisting of sodium, iron carbon, and nitrogen. According to the company, the process of transitioning from a lithium-ion battery production method to Fennac-based battery output is relatively pain-free and they offer full support and guidance throughout.
Leading Chinese battery maker CATL has stated that the performance of sodium-ion batteries was roughly the same, or even better than the lithium-ion batteries they currently offer, announced plans to begin commercial production of sodium-ion batteries by 2023.
“With our new financial backing, we stand ready to provide customers with the knowledge and materials they need to fulfil their sodium-ion battery aspirations, at a time where interest in this technology has never been greater,” commented Altris CEO Adam Dahlquist. “Our new industrial manufacturing unit will ensure that Fennac-based batteries become a reality within 2 years.”