Altilium Metals secures £786,000 support to boost Teesside battery recycling factory plans

A company behind plans for a huge Teesside electric vehicle battery recycling plant has secured fresh financial support.

Altilium Metals has raised £786,005 from more than 400 investors.

Bosses say the backing will significantly drive forward its blueprint for a “multi-million-pound” factory, which aims to annually turn battery waste from more than 150,000 electric vehicles into a key component for new power packs.

The plant, tipped to create as many as 200 jobs, is expected to open in 2025, with a final decision on its Teesside location due early this year.

Dr Christian Marston, Altilium Metals co-founder, said: “The success of this campaign shows the interest from the retail investment community in a focused business supplying the critical metals needed for the energy transition.

“It speaks volumes in terms of optimism for our business model around supporting the supply of rare technology metals in a sustainable way.”

The business has already secured more than £3 million support from the Government, and intends to list on AIM within the next 18 months.