Picture credit: Björn Mårlid
Uppsala, Sweden-based Altris, a sodium-ion battery developer, introduced on Tuesday that it has secured €4.8M (SEK 50M) in bridge financing.
The bridge facility was oversubscribed by 60 per cent. The corporate plans to lift sequence B funding in 2023.
Altris says the newest funding will allow it to finish its new industrial-grade battery manufacturing facility in Uppsala, Sweden.
Appoints new CEO and CFO
In addition to the funding, the Swedish firm additionally introduced the appointment of Björn Mårlid as its new CEO and Christer Bergquist as its new CFO.
Björn joins Altris after 20+ years at French battery developer SAFT, the place he held a number of senior positions.
“I’m very blissful to be becoming a member of Altris. Few battery improvements survive the commercialisation course of to develop into viable merchandise – however Altris does. I look ahead to enjoying a component in our continued improvement, transferring in the direction of large-scale deployment,” says Mårlid.
Christer Bergquist joins Altris from Norrsken the place he has held roles corresponding to COO and CFO of Norrsken Basis and, most just lately, Common Companion of Norrsken Impression Accelerator.
“I’m impressed by Altris’ journey thus far, and the excessive ambitions to attain actual influence and contribute to a extra sustainable and electrified world. The bridge financing permits us to take care of a excessive tempo in our improvement whereas getting ready to lift our Sequence B financing, says Bergquist.
The announcement comes over a 12 months after elevating €9.6M in a Sequence A spherical of funding from Molindo Power, Northvolt, and EIT InnoEnergy, which is co-funded by the EU.
These developments come as the corporate pushes ahead with its bold plans to commercialise its sodium-ion battery know-how.
“We’re pleased with the arrogance confirmed in us by our workers and traders, with this oversubscribed bridge spherical. This allows us to gear up whereas persevering with our journey in the direction of changing into the first developer of sodium-ion batteries in Europe,” says Torbjörn Sternsjö, Chairman of Altris.
Altris: Sodium-ion battery developer
Based in 2017 by Reza Younesi as a spin-off from Ångström Laboratory at Uppsala College, Altris goals to provide extremely sustainable cathode supplies for rechargeable sodium batteries to allow a renewable future.
Since its inception, the corporate has developed elements, corresponding to Prussian White cathodes, electrolytes, battery cells, and manufacturing blueprints.
The corporate says its sodium-ion battery know-how affords important benefits over conventional lithium-ion batteries, together with larger security, decrease value, and higher sustainability.
The corporate is pushed by the concept safer, extra environmentally pleasant, and reasonably priced batteries are very important to understand a very sustainable future.
The Swedish agency helps cell producers on this transition with samples and materials experience to develop Fennac-based batteries and in-house competence in sodium-ion battery manufacturing.
