Technology firm lands $2.5m investment for recycling business

A clean technology group has announced an investment of up to S$2,574,500 in its battery  recycling business.

The investment from SQM Lithium Ventures signals the completion Tavistock-based Altilium’s series A funding round.

The investment will help to build a sustainable local supply chain for critical battery materials  in the South West.

It will also reduce the UK’s reliance on imported lithium from countries such as China.

The company is looking to accelerate the commercialisation of Altilium’s battery recycling technology, which enables the recovery of lithium and other critical minerals from EV batteries which have come to the end of their life.

Altilium is the only company in the UK producing battery-ready cathode active materials (CAM) from spent EV batteries, at its Battery Recycling Technology Centre in Devon.

SQM’s investment will support the company’s scale-up and the roll-out of Altilium’s first commercial plant in the UK, as well as the retrofit of its SX-EW hydrometallurgical plant in Eastern Europe to recycle battery waste from over 24,000 electric vehicles in 2024.

Chief operations officer Dr Christian Marston said: “We are delighted to have SQM as our partner as we embark on this next phase of growth to produce low carbon and sustainable lithium from recycling old EV batteries, returning valuable critical materials for direct reuse in an EV supply chain.

“Together with SQM, we will build a circular economy and close the loop in battery manufacturing.”

Altilium chief executive Kamran Mahdavi added: “This investment will allow us to accelerate our efforts to develop a closed loop lithium-ion battery supply chain and validates our vision that the lithium and critical minerals needed for EV batteries will come from recycling existing waste streams, decarbonising the automotive supply chain for a sustainable transport future.”