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Altilium secures US$5m investment for EV battery recycling plant
In a significant leap towards sustainable battery solutions, UK clean technology group Altilium has announced a US$5 million investment from the Japanese conglomerate Marubeni Corporation. This funding, part of Altilium’s Series B funding round, is aimed at establishing the UK’s largest electric vehicle (EV) battery recycling facility in Teesside.
Marubeni’s contribution will play a crucial role in advancing the development of this facility, encompassing vital stages such as engineering studies, acquiring land, securing necessary planning and permits, and recruiting a leadership team. The Teesside site is expected to process battery waste from as many as 150,000 EVs annually, leading to the production of 30,000 metric tons of low-carbon cathode active materials (CAM).
Altilium is driven by a vision to support the UK in achieving sustainable lithium-ion battery production. Their focus on providing “full battery circularity” involves a comprehensive process that includes zero-carbon collection of EV batteries, systematic recycling of black mass, and refining chemicals into battery metal salts as well as both precursor and active materials.
This relationship follows the signing of a Memorandum of Understanding (MOU) in 2023 between Altilium and Marubeni. Together, the companies have been working diligently to establish a closed-loop EV battery recycling initiative within the UK while simultaneously developing a supply chain dedicated to recycling end-of-life lithium-ion batteries at Altilium’s upcoming facility.
Altilium’s innovative EcoCathode™ technology stands out by recovering over 95% of battery metals from retired EV batteries, claiming to diminish greenhouse gas emissions by up to 74% when compared to the production of new materials.
CEO Kamran Mahdavi expressed enthusiasm regarding the partnership, stating, “We are proud to welcome Marubeni as a strategic partner at this pivotal stage in Altilium’s growth journey. Their investment strengthens our position as leaders in sustainable battery materials and reinforces our commitment to building the UK’s largest EV battery recycling facility. Together, we are advancing our mission to create a UK closed-loop supply chain, reduce dependency on imported materials and lower the environmental footprint of battery production. This partnership marks a major milestone in establishing a truly circular economy for the UK’s battery industry.”
As global industries pivot towards sustainability, Altilium’s initiative represents a shining beacon for the UK, embodying innovation and environmental stewardship. The implications of this project extend beyond reducing waste; they also signify a critical step towards energy independence and responsible resource management in the ever-evolving automobile sector.
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