Altilium (formerly Altilium Metals), a London-based CleanTech startup, has raised nearly USD 2.57 million in Series A funding from SQM Lithium Ventures, the corporate venture arm of leading lithium producer SQM.

The company intends to use the funds to scale up its demonstration line, paving the way to roll out its first commercial plant in the UK and retrofit its SX-EW hydrometallurgical plant in Eastern Europe to recycle battery waste from over 24,000 EVs in 2024.

Analyst QuickTake: Altilium is reportedly building the largest EV battery-recycling facility in Teesside, UK, with plans to begin operations in 2025. Altilium previously received two grants totaling GBP 1 million (~USD 1.3 million) from the UK government in July 2023, following a GBP 3 million (~USD 3.9 million) grant in November 2022. The company also secured partnerships with Marubeni (July 2023) and Imperial College London (April 2023) in efforts to develop its technology to produce recycled cathode active materials from battery waste.