EIT Award Winner Altris Secures Investment from Volvo Cars Tech Fund
Swedish sodium-ion battery developer Altris has announced a strategic investment from Volvo Cars Tech Fund, the venture capital arm of Volvo Cars, as part of its B1 funding round.
A strategic investment for a sustainable future
Founded in 2017, Altris has rapidly evolved into a key player in the battery development space. Altris’ sodium-ion batteries present an attractive alternative to traditional lithium-ion batteries. Made from abundant and easily recyclable materials such as salt, wood, iron, and air, Altris’ patented Prussian White cathode material is set to transform the battery industry by offering a safer, more sustainable, and cost-effective solution.
Since its founding, InnoEnergy has supported Altris, recognizing the company’s potential to play a pivotal role in the future of energy storage in Europe. Altris has also won the 2024 EIT Awards, further solidifying its position as a leader in sustainable energy storage technology.
With the addition of Volvo Cars Tech Fund, Altris now has three strategic investors spanning applications in battery energy storage systems, low-voltage and marine. This signals a major industry shift toward innovative, cost-effective, and sustainable energy storage solutions. We are confident that this collaboration will further accelerate the commercialisation and adoption of Altris’ sodium-ion technology, strengthening Europe’s push towards a more resilient and sustainable energy future
Magnus Lundin, Investment Director Scandinavia at InnoEnergy
As part of the investment, Altris and Volvo Cars will collaborate to explore the potential of sodium-ion battery energy storage systems (BESS) and other applications within Volvo Cars’ product portfolio. This makes Volvo Cars the first automotive manufacturer to work directly with Altris on sodium-ion battery technology.
We are delighted to invest in Altris and support its mission to develop the battery of the future. We believe its technology has the potential to transform the battery market by providing more sustainable solutions, at a fraction of the cost
Ann-Sofie Ekberg, CEO at Volvo Cars Tech Fund
Strengthening Altris’ market position
With the addition of Clarios, Maersk Growth, and Volvo Cars Tech Fund as investors, Altris is now strategically backed across key industry verticals, including grid storage, vehicle applications, and marine applications. These partnerships bring a wealth of expertise, further strengthening Altris’ position as a leader in sodium-ion battery technology.
With strong support from InnoEnergy and its new partners, Altris is primed to take the next step in revolutionizing energy storage, making it safer, more sustainable, and more affordable for the world. Congratulations to Altris’ team.
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