British battery manufacturing start-up, Allotrope Energy has raised ‘up to’ $6.7 million from Suzano Ventures - the venture capital fund of Brazilian hardwood pulp producer Suzano. The investment is part of a $70 million corporate venture capital fund that was launched last year.
The Suzano Ventures fund was set up to invest in in companies at an early stage, from pre-seed to series A, in the following verticals: new applications of eucalyptus biomass, sustainable packaging, forestry tech and carbon.
“At Suzano Ventures, our focus is on finding deep tech start-ups that can build a circular and regenerative economy through the innovative production and use of biomaterials. We are excited that our first investment is into a company can harness a co-product from our own pulp production process as a key raw material, to help accelerate the global transition to zero emission mobility," says Paula Puzzi, Manager of Suzano Ventures. “There is already significant commercial interest in Allotrope Energy’s technology, and the company shows considerable promise for being able to deliver at scale. “
Allotrope Energy's carbon technology can be used in fast-charging lithium-ion and cost-effective sodium-ion batteries. This technology means it can use biomaterials created in the production of Suzano's hardwood pulp production as an abundant source material.
“This significant investment is the pivotal step in demonstrating the immense opportunity in combining Suzano’s sustainable, natural resource and Allotrope’s agile high-rate carbon technology," says Dr Peter Wilson, Technical Director of Allotrope Energy. “Working with Suzano we get access to a critical raw material that is sustainably produced, alongside the commercial and technical expertise and global reach from working with a major multinational business. It comes at a time when we see an increasing global interest in exploring new battery technologies which offer broad appeal across a range of industries.”
Beyond the investment and supply of biomaterials, Suzano and Allotrope Energy will enter into a broader partnership agreement. Under the potential arrangement, Suzano’s teams in Brazil and Canada will support innovation and commercialisation of the technology, as well as developing global supply chains and markets for the batteries.