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.
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.
Altris’ €9.6 million Series A round saw participation from both new and existing investors including Molindo Energy, Northvolt, and EIT InnoEnergy.
"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."
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