Lithium producer SQM invests $2.6m in Altilium

Lithium producer SQM invests $2.6m in Altilium

Lithium producer SQM invests $2.6m in Altilium 1024 478 Energy Storage Journal

September 21, 2023: SQM Lithium Ventures has invested nearly $2.6 million in UK battery recycling tech firm Altilium as part of a series ‘A’ funding round, the firms said on September 12.

SQM is the corporate venture arm of the lithium business of Sociedad Química y Minera de Chile, a leading producer of battery-grade lithium.

Altilium said the investment will speed up commercialization of its recycling technology, including the scale-up of a demonstration line at its facility in southwest England to produce battery-ready cathode active materials from spent EV batteries.

Altilium also plans to retrofit a hydrometallurgical plant in eastern Europe to recycle battery waste.

Carlos Díaz, executive VP of SQM’s lithium business, said: “This will allow us to add value to a new battery supply chain while maintaining efficient levels of resource consumption, lower carbon footprint, and minimum water use.”

Energy Storage Journal reported in July that Altilium had won two grants totalling £1 million ($1.3 million) to design an automated battery recycling plant for black mass processing in the UK.

The grants, from the UK government, also covered zero-carbon transportation of used EV batteries to recycling stations.

Altilium has also signed a non-binding memorandum of understanding with Marubeni Corporation for a lithium ion battery recycling partnership covering the UK and Europe.