UK clean technology group Altilium announces US$5 million investment as part of plan to build the “UK’s largest” electric vehicle battery recycling facility in Teesside.
Japanese trading and investment group Marubeni Corporation made the $5m strategic investment as part of Altilium’s Series B funding round.
Altilium said Marubeni’s investment will support the next stage of development of the Teesside facility, including engineering studies, land acquisition, planning and permitting, and recruitment of the leadership team.
Once operational, Altilium said the plant would have the capacity to process battery waste from 150,000 EVs per year, producing 30,000 MT of low-carbon cathode active materials (CAM).
Altilium said the investment also supports the company’s goal of delivering the UK’s most sustainable lithium-ion battery materials.
The technology company says it offers “full battery circularity”, which includes zero-carbon EV battery collection, black mass recycling and chemical refining to battery metals salts, cathode precursor (pCAM) and CAM.
Altilium and Marubeni have worked together since signing a Memorandum of Understanding (MOU) in 2023.
This partnership marks a major milestone in establishing a truly circular economy for the UK’s battery industry.
Under the framework of the MOU, the two companies have been jointly developing a closed loop EV battery recycling business in the UK and establishing a supply chain of end-of-life lithium-ion batteries for recycling at Altilium’s facilities.
Altilium says its EcoCathode™ technology can recover over 95% of the battery metals from an end-of-life EV battery, which cuts greenhouse gas emissions by up to 74% compared to virgin materials.
Kamran Mahdavi, CEO of Altilium, commented: “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 lower the environmental footprint of battery production.
“This partnership marks a major milestone in establishing a truly circular economy for the UK’s battery industry.”
