UK EV Battery Recycling Startup Altilium Completes $12mn Funding Round

UK EV battery recycling startup Altilium has announced $9.43 million in new investment from SQM Lithium Ventures, bringing its total investment to $12 million.

SQM Lithium Ventures made an initial investment of $2.57 million in Altilium in 2023.

The investment completes Altilium’s Series A funding round and marks the largest investment to date for SQM Lithium Ventures, the corporate venture arm of the lithium business of Sociedad Quimica y Minera de Chile (SQM), one of the world’s leading producers of battery-grade lithium.

The additional funding will accelerate the scale-up of Altilium’s UK and European activities, paving the way for the roll-out of the company’s full battery circularity offering.

Its recycling services include zero-carbon EV battery collection, black mass recycling and chemical refining direct to cathode active material (CAM).

Altilium’s first mini-commercial plant is currently under construction in Plymouth while its planned Teesside plant will be one of the largest EV battery recycling facilities in Europe. 

Altilium CEO, Kamran Mahdavi, says: “This round of funding with SQM Lithium Venture has been a pivotal achievement for Altilium and reflects the significant strides the business has made over the past 12 months. We look forward to building on these achievements with the support of our partners and our dedicated team.”

David Rousselle, Engineering Manager at SQM and member of Altilium’s board of directors, adds: “Given the growth in the electromobility market, lithium-ion battery recycling will be essential in the coming years. The investment in Altilium allows SQM to get ahead of the global recycling curve, doubling down on the company’s commitment to developing solutions for human progress and working toward economic, social, and environmental sustainability.”

Altilium is a UK-based clean tech group that will reshape the UK and European automotive supply chain by offering high volume, low carbon domestic sources of cathode and anode materials from recycling waste streams already in circulation, such as lithium scrap.