SQM Lithium Ventures, the corporate venture arm of Chilean lithium producer Sociedad Quimica y Minera de Chile (SQM), has injected $9.4 million into British electric vehicle battery recycler Altilium to support its expansion, the two companies announced on Wednesday.
This investment comes as part of a $12 million Series A funding round, with SQM Lithium Ventures leading the round following a previous $2.6 million investment by SQM in the startup last year.
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“The investment in Altilium allows SQM to get ahead of the global recycling curve,” said David Rousselle, SQM’s engineering manager and a member of Altilium’s board, in a statement.
With the increasing adoption of electric vehicles, there is a growing need to recycle valuable minerals like lithium, cobalt, and nickel from their batteries. This move not only helps in resource conservation but also aims to counter China’s dominance in this sector.
Altilium is among several firms in Europe expanding their recycling operations. Currently, most EV batteries in Europe are shredded into ‘black mass’ and exported to China for processing.
The new funding will enable Altilium to establish a plant in England in 2024 to process cathode materials for automakers, as well as recycling stations to convert battery cells into ‘black mass.’ Additionally, a plant in eastern Europe is planned to convert ‘black mass’ into battery materials later in the same year.
