Swedish sodium-ion battery developer Altris has secured €4.8 million in a bridge financing transaction, announced in conjunction with the appointment of Björn Mårlid as the company’s new CEO and Christer Berguvist as new CFO.
According to Altris, the bridge facility was oversubscribed by 60%, and provided by “current investors and employees”. Historic backers of the company include Swedish battery developer Northvolt, the European Commission’s InnoEnergy, Swedish private Equity firm Molindo, Swedish group of public insurance companies Länsförsäkringar, and undisclosed angel investors.
The bridge financing round will be used to help Altris complete a manufacturing facility in Uppsala as it gears up for commercialisation of its sodium-ion batteries.
The company raised €9.6 million in a Series A funding round announced in March of 2022 and says that a Series B round announcement is to be expected at some point this year.
In conjunction with the bridge financing and move towards the commercialisation phase of Altris’ journey, the company has appointed Björn Mårlid as its new CEO. Mårlid brings 20+ years of battery industry experience, having previously filled various roles with TotalIndustry’s Saft. Likewise, Altris welcomes former Norrsken COO and CFO Christer Bergquist to the role of CFO.
“Few battery innovations survive the commercialisation process to become viable products – but Altris does. I look forward to playing a part in our continued development, moving towards large-scale deployment,” commented Mårlid.