Altilium Teesside factory plan gets £4 million boost

A company behind plans to create the “UK’s largest” electric vehicle battery recycling plant has secured £4 million investment.

Altilium has been backed by Marubeni Corporation.

Bosses say the cash will help drive forward construction of a planned Teesside factory earmarked to turn electric vehicle battery waste into a new component for next generation power packs.

They say the “milestone” backing will fund engineering studies, a land deal for the plant – which Altilium says will process more than 150,000 electric vehicle batteries a year – and management recruitment.

The investment marks the next stage of a relationship between Devon-based Altilium and Japan’s Marubeni Corporation, with the operators having signed a memorandum of understanding in 2023.

Kamran Mahdavi, Altilium chief executive, said: “We are proud to welcome Marubeni as a partner at this pivotal stage in our growth journey.

“Their investment strengthens our position as leaders in sustainable battery materials and reinforces our commitment to building the UK’s largest electric vehicle 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.”

Marubeni Corporation’s financial boost comes a year after SQM Lithium Ventures provided more than £7 million to support Altilium’s growth blueprint. 

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →