Fresh backing for UK EV battery recycler

Altilium, a UK-based clean technology group, has won further investment for its plans for a large EV battery recycling plant in the north-east of England.

It has announced a US$ 5 million (EUR 4.85 million) investment from Japan’s Marubeni Corporation as part of a Series B funding round. 

Altilium and Marubeni have been working together since the signing of a memorandum of understanding in 2023. They are jointly developing a closed loop EV battery recycling business on Teesside and establishing a supply chain of end-of-life lithium-ion batteries for recycling at Altilium’s facilities. 

Large facility

Altilium’s first mini-commercial plant recently commenced operations in Plymouth in Devon while its planned Teesside plant will be one of the largest EV battery recycling facilities in Europe.

It will have the capacity to process scrap from more than 150 000 EVs per year, producing 30 000 tonnes of cathode active materials, enough to meet around 20% of the UK’s expected needs by 2030.   

Marubeni’s cash will support the next stage of development on Teesside, including engineering studies, land acquisition, planning and permitting, and recruitment of the leadership team. 

Ceo Kamran Mahdavi welcomed Marubeni as a strategic partner. ‘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.’

Awards

Marubeni has been involved and grown its presence in the battery material industry since 1985.  In recent years, Marubeni has been actively involved in the battery recycling business following investment in the US recycling market.

Altilium’s growth has been supported by a number of UK government innovation awards, including grants from the Faraday Institutions Battery Challenge and the Automotive Transformation Fund.

The company recently completed its Series A funding round with a multi-million pound investment from SQM Lithium Ventures, the corporate venture arm of the lithium business of Sociedad Quimica y Minera de Chile, a leading producer of battery-grade lithium.