Altilium has raised approximately $1 million through a retail investment round that attracted participation from more than 750 investors, the UK-based battery recycling company said.
The fundraising follows the award of an £18.5 million APC Drive35 grant earlier this year to support the development of the company’s ACT3 facility, which is intended to recover battery materials from end-of-life electric vehicle batteries.
Retail Funding Supports Expansion Plans
The investment round was launched in April as Altilium sought additional funding for its UK operations while engaging with communities in areas where the company is investing and operating.
According to Altilium, the fundraising campaign also aimed to increase awareness of battery recycling and the role it could play in future battery supply chains.
Christian Marston, co-founder and chief operating officer of Altilium, said the company wanted to provide an opportunity for public participation in its development.
“As we continue to build a world-class circular economy for EV batteries in the UK, we believe in giving local communities and the wider UK public the opportunity to participate in and benefit from Altilium’s growth story.”
“Together, we are creating a more secure, sustainable and resilient supply chain for the critical materials that will power the energy transition.”
ACT3 Facility Under Development
Altilium is developing the ACT3 facility in Plymouth, Devon, which is expected to process up to 24,000 electric vehicle batteries annually.
The plant is planned to produce battery materials including nickel mixed hydroxide precipitate (MHP), lithium sulphate and graphite, which are used in lithium-ion battery production.
The project is supported in part by the £18.5 million APC Drive35 grant announced earlier this year.
Focus on Battery Material Recovery
The company uses its EcoAnode™ and EcoCathode™ technologies to recover materials such as lithium, nickel, cobalt and graphite from end-of-life batteries.
Recovered materials can be reintroduced into battery supply chains, potentially reducing the need for newly sourced raw materials.
Battery recycling has attracted increasing attention as electric vehicle adoption grows and demand for critical minerals continues to rise.
Working With Industry Partners
In addition to its retail investor base, Altilium said it continues to work with institutional partners including SQM, Marubeni and Mizuho Bank.
The company said the latest fundraising round helped support its expansion plans and increase awareness of battery recycling and critical mineral recovery in the UK.
As governments and industry seek to expand domestic battery supply chains, investment in battery recycling facilities is expected to play an increasing role in securing supplies of key materials used in electric vehicle production.
