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Altilium receives £7 million-plus boost to drive forward Teesside factory plans

A company behind plans to create the “UK’s largest” electric vehicle battery recycling factory has secured more than £7 million support.

Altilium has been backed by SQM Lithium Ventures.

Officials say the cash will help finalise plans for a factory with capacity to annually turn battery waste from more than 150,000 electric vehicles into a key component for new power packs.

The plant, which could create as many as 200 jobs, was previously tipped to open in 2025, with a final decision to be made on its Teesside location.

Bosses say the investment will also aid the roll out of a smaller, Devon-based factory, which will process battery materials, and recycling stations to turn batteries into feedstock for Altilium’s chemical refineries.

Dr Christian Marston, Altilium president and chief operating officer [pictured, above], said: “We are immensely grateful for SQM’s belief in our business and our shared vision for achieving the lowest carbon footprint in battery raw materials.”

SQM Lithium Ventures’ support follows a previous £2 million investment, taking its total backing for Altilium to about £9.5 million.

David Rousselle, SQM engineering manager and Altilium board of directors member, added: “Lithium batteries have become an essential component of modern society.

“Yet despite the importance of the circular economy, most lithium-ion batteries are still not recycled.

“Given the growth in the electromobility market, lithium-ion battery recycling will be essential in the coming years.

“The investment in Altilium allows SQM to get ahead of the global recycling curve.”

The funding boost follows the announcement of a collaboration between Altilium, vehicle salvage firm Synetiq and insurer LV, which the companies say will increase recycling of batteries from electric cars that have been written off.

February 23, 2024

  • Build & Sustainability

Created by North East Times