SQM increases Altilium investment to $12m

SQM increases Altilium investment to $12m

SQM increases Altilium investment to $12m 1024 426 Energy Storage Journal

February 22, 2024: SQM Lithium Ventures said on February 21 it had made a further investment of $9.5 million in UK-based Altilium.

The cash injection takes the investment by the corporate venture arm of the lithium business of Sociedad Química y Minera de Chile in Altilium to $12 million — the lithium producer’s largest such investment to date.

The financial boost also completes Altilium’s series ‘A’ funding round.

Altilium said the additional funding will accelerate the scale-up of its UK and European activities to eventually encompass EV battery collection, black mass recycling and chemical refining direct to cathode active material.

Key developments for 2024 include building a small commercial plant in southwest England to process what Altilium said will be significant volumes of battery precursors and cathode active materials for qualification with automakers and cell manufacturers.

The company also wants to build an EV battery recycling facility in northeast England and launch hydrometallurgical refining by retrofitting an existing industrial plant in eastern Europe, with plans to process 8,000 tonnes of black mass later this year.

Last December, SQM said it had reached a framework deal to give a majority stake in its Chilean brine assets to the country’s state-owned copper corporation Codelco.