Altris shares
Unlisted company
Altris was founded in 2017 by Ronnie Mogensen, Reza Younesi and William Brant based on research conducted at the Ångström Advanced Battery Centre at Uppsala University. The business is built on the patented Prussian White cathode technology, a sodium-ion-based cathode material manufactured from globally available raw materials: salt, wood, iron and air. The company has a research and development (R&D) centre and production facility in Uppsala, as well as a partner facility for cathode production in Kolín, Czech Republic, through its collaboration with Draslovka.
Revenue and customers
Revenue is generated through sales of cathode materials and battery cells, as well as through the licensing of cell designs and production processes to battery manufacturers. Under the licensing model, Altris provides production blueprints and process expertise that enable cell manufacturers to produce sodium-ion batteries in existing factories. The customer base includes vehicle manufacturers, energy storage companies and defence-sector organisations.
Positioning
Sodium-ion batteries are positioned as a complement to lithium-ion technology, offering advantages in the form of lower raw material costs, greater safety and a wider temperature range. Altris batteries can be manufactured in existing lithium-ion factories, lowering the barrier to entry for cell manufacturers.
Growth strategy
The growth strategy is based on scaling up cathode production, establishing additional industrial partnerships and expanding the product portfolio into new application areas. The company has been financed through several funding rounds.
The technology
Patented Prussian White cathode
Globally available raw materials
Compatible with lithium-ion factories
Business and market
Material sales plus licensing
Partnerships in the vehicle, energy and defence sectors
Research origins and patent portfolio
Financial performance
Published 6 October 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Net sales | 4.7(+3,033.2 %) | 0.1(+617.8 %) | 0(+14.9 %) | 0(-76.6 %) |
| Revenue growth | 3,033.2%(+2,415.4 pp) | 617.8%(+602.9 pp) | 14.9%(+91.5 pp) | -76.6%(-110 pp) |
| EBITDA | -71 | -49 | -39 | -19 |
| EBIT | -104 | -101 | -41 | -20 |
| Net income | -105 | -100 | – | -20 |
| Equity | 49(-68.1 %) | 153(+47.6 %) | 104(+12.5 %) | 92(+687 %) |
| Cash and bank | 45(-54 %) | 97(+22.1 %) | 79(+2.8 %) | 77(+556.9 %) |
Documents and reports
4New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 100m | SEK 300m |
Questions about Altris
Is Altris publicly listed?
No, Altris is a private company and is not publicly listed. The company has not completed an IPO, so its shares are not traded on a regulated stock exchange, but rather on the private market.
What does Altris do?
Altris is a Swedish battery technology company that develops and commercialises sodium-ion batteries based on the patented Prussian White cathode technology. The company offers cathode materials, electrolytes, cell designs and production drawings for large-scale battery manufacturing.
Can I buy shares in Altris?
Yes, it is possible to buy Altris shares through unlisted share trading, provided that there are sellers. Through Eqvor, you can place a buy order and be matched with existing shareholders who wish to sell.
How do I sell Altris shares?
If you own shares in Altris, you can place a sell order through Eqvor and be matched with buyers. When a buyer and seller are matched, the transaction is completed and the change of ownership is recorded in the company’s share register.
Is Altris connected to Euroclear?
No, Altris is currently not connected to Euroclear. This means that the shares are registered directly in the company’s share register and not through the Swedish securities system.
Can I hold Altris shares with Avanza or Nordnet?
Since Altris is not affiliated with Euroclear, the shares cannot normally be held in a standard securities account with Avanza or Nordnet. Instead, ownership is registered directly in the company’s share register.
Has Altris raised capital?
Yes, Altris has completed several funding rounds to finance the development, production, and commercialisation of its sodium-ion technology. The company’s capital raised is reported as SEK 129.2 million.
At what price is Altris’ stock traded?
Since Altris is unlisted, there is no official stock price on a regulated marketplace. Instead, the price is determined by supply and demand between buyers and sellers in the private market.
What is Altris's valuation?
Altris's market value is stated as SEK 482 million. Since the company is unlisted, there is no official stock market valuation from a regulated marketplace; instead, the valuation is based on available transactions and trading in the private market.
When will Altris be listed on the stock exchange?
There is currently no public information about a planned stock market listing of Altris. We therefore do not currently know when Altris might be listed or whether the company will conduct an IPO.
What are the risks of investing in Altris?
Investing in Altris involves risk, like other investments in unlisted shares. The company is in a development and expansion phase, which may entail ongoing capital requirements and limited liquidity in the shares. Altris’ value may also be affected by technological developments, commercialisation, industrial partnerships and demand for sodium-ion batteries.
Where can I find Altris' annual report?
Altris' annual report can be found under Investor Relations and Financial Reports. The company's annual reports are available there for download.
How much capital has Altris raised in total?
Altris Capital raised is stated as SEK 129.2 million. An equity raise is a term for raising capital, but terms such as funding round, financing, or share issue are also commonly used.
Has Altris reported a profit or a loss?
Altris reports a negative result in the latest available information. Under Key figures, EBITDA is stated as -48,851 TSEK and net income as -99,939 TSEK. The company’s earnings trend is also shown in the Results by year chart.