Altilium raises $5m in Series B funding from Marubeni Corporation to advance electric vehicle battery recycling operations.
The Series B round was backed by Marubeni Corporation to support the development of a major recycling facility in Teesside.
≈ £4.0M at $1 = £0.8015 on 7 Jan 2025
Clean technology firm focusing on electric vehicle battery recycling and mineral recovery.
Clean technology company Altilium has raised $5m in a Series B funding round from Japanese trading and investment group Marubeni Corporation. The capital will support the next stage of development for the company's planned electric vehicle battery recycling facility in Teesside. The funding follows a $21m Series A investment secured by the firm last year.
The investment will be directed towards detailed engineering studies, land acquisition, planning, permitting, and recruitment for the Teesside plant. Altilium aims to establish a domestic supply chain for critical battery materials in the UK, using its proprietary processes to recover metals such as lithium, nickel, cobalt, and manganese from end-of-life batteries and manufacturing scrap.
From the founder
"We are proud to welcome Marubeni as a strategic partner at this pivotal stage in Altilium’s growth journey. Their investment strengthens our position as leaders in sustainable battery materials and reinforces our commitment to building the UK’s largest EV battery recycling facility. Together, we are advancing our mission to create a UK closed-loop supply chain, reduce dependency on imported materials and lowering the environmental footprint of battery production. This partnership marks a major milestone in establishing a truly circular economy for the UK’s battery industry."
Kamran Mahdavi
CEO at Altilium
Use of funds
- 01Build out infrastructure
- 02Grow the team
- 03Fund acquisitions