Charged EVs | Altris raises $10.6 million in Sequence A funding for cathode materials manufacturing and sodium-ion R&D

Sodium-ion battery firm Altris has raised €9.6 million ($10.6 million) in Sequence A funding from EIT InnoEnergy Scandinavia and others, which it’ll use to scale up manufacturing of its cathode materials Fennac and to proceed sodium-ion battery R&D.

“Our new industrial manufacturing unit will make sure that Fennac-based batteries change into a actuality inside two years,” mentioned Altris CEO Adam Dahlquist.

Fennac is a cathode materials designed for sodium-ion batteries. “The funding secures Altris’s manufacturing scale-up of Fennac, to 2,000 tons, enabling 1 GWh of sustainable batteries,” the corporate mentioned.

Fennac consists of sodium, iron carbon and nitrogen, and in comparison with options, the corporate says its patented manufacturing methodology is low-cost and extra environmentally pleasant. Additionally, the corporate says Fennac-based batteries might be produced utilizing present lithium-ion manufacturing processes and gear.

“Utilizing solely ample supplies, Altris’s expertise offers sturdy financial and environmental advantages to allow the subsequent technology of batteries that can initially speed up the deployment of grid-scale storage purposes,” mentioned EIT InnoEnergy Scandinavia Funding Supervisor Markus Berglund.

Supply: Altris