The Swedish sodium-ion battery company Altris announced today that Volvo Cars Tech Fund, Volvo Cars' venture capital company, is one of the strategic investors in Altris' B1 investment round. In connection with the investment, Altris has signed an agreement with Volvo Cars to collaborate on product development to identify new possible solutions for battery energy storage systems.
Since its start in 2017, Altris has been on a rapid growth journey and has developed its patented cathode material Altris Prussian White, as well as electrolytes, battery cells and production data for market-leading sodium-ion batteries. Altris recently announced that Clarios and Maersk Growth are also investing in the B1 round, alongside existing owners such as InnoEnergy and Molindo.
Altris now welcomes Volvo Cars Tech Fund as a new owner to support the continued development and commercialisation of the company's sodium-ion battery technology. As part of the agreement, Volvo Cars will explore the possibilities of Altris' sodium-ion technology for battery energy storage systems (BESS) and other solutions in Volvo Cars' product portfolio. This makes Volvo Cars the first car manufacturer to enter into a collaboration with Altris.
The investment can contribute to a more diversified supply chain for Volvo Cars by offering an alternative to lithium. Sodium-ion batteries are still an emerging technology and there are currently no plans to use them in Volvo Cars' electric cars.
"Volvo Cars' expertise in electrification and sustainable innovation fits perfectly with our vision. The collaboration enables us to accelerate the development and commercialisation of our sodium-ion batteries. We are very pleased to welcome Volvo Cars Tech Fund as an investor and partner," says Christer Bergquist, acting CEO of Altris.
"We are pleased to invest in Altris and support their work in developing the battery of the future. We believe their technology has the potential to transform the battery market by offering more sustainable solutions at a fraction of the cost," says Ann-Sofie Ekberg, CEO of Volvo Cars Tech Fund.
By using abundant and easily recyclable materials such as salt, wood, iron and air, Altris' sodium-ion battery technology has great potential as a safe, cost-effective and sustainable alternative for the automotive industry. Volvo Cars and Altris will collaborate to find new opportunities for the use of sodium-ion batteries and thereby strengthen a more varied and robust supply chain for future electric vehicles and energy storage systems.
With Clarios, Maersk Growth and Volvo Cars Tech Fund among its owners, Altris has strategic support within its most important industries: grid storage, automotive applications and marine applications. These partners contribute broad expertise and experience that strengthen Altris' position as a leader in sodium-ion battery technology.
See more on Altris' website.
