A business which is bringing a multi-million pound factory to Teesside, creating hundreds of jobs, has received a $2.5million funding boost.
Global firm Altilium Metals - the UK’s largest EV battery recycling business - plans to open the new facility to transform battery waste from more than 150,000 electric vehicles into ‘Cathode Active Material’ – a key component of new batteries.
Between 100 and 200 high value jobs are said to be lined up before 2025 as well as hundreds more during its construction - with a projected 18-month build to get the facility up and running.
Now Altilium has been backed by SQM Lithium Ventures, part of Sociedad Quimica y Minera de Chile (SQM), one of the world’s leading producers of battery-grade lithium. SQM 's $2,574,500 investment will accelerate the commercialisation of Altilium’s proprietary battery recycling technology, which enables the recovery of lithium and other critical minerals from end-of- life EV batteries, in a quality and format ready for direct reuse in the production of new batteries.
Altilium COO, Dr Christian Marston, said: “We are delighted to have SQM as our partner as we embark on this next phase of growth to produce low carbon and sustainable lithium from recycling old EV batteries, returning valuable critical materials for direct reuse in an EV supply chain. Together with SQM, we will build a circular economy and close the loop in battery manufacturing.”
The company's CEO, Kamran Mahdavi, added: “This investment will allow us to accelerate our efforts to develop a closed loop lithium-ion battery supply chain and validates our vision that the lithium and critical minerals needed for EV batteries will come from recycling existing waste streams, decarbonising the automotive supply chain for a sustainable transport future.”
Carlos Díaz, Executive Vice President of SQM’s Lithium Business, said: “At SQM, we think ‘outside the box’ to adapt new technologies more quickly in order to meet the demands brought by our competitors and fast-changing industry, and we have reached incredible levels of internal innovation, R&D, and technological development. In the past year, we have seen the impact of working together with start-ups, as an external source of creative ideas.
“The investment in Altilium allows SQM to become involved in the creation of a new industry: the recuperation of critical metals like lithium, nickel and cobalt from recycled batteries. This will allow us to add value to a new battery supply chain while maintaining efficient levels of resource consumption, lower carbon footprint, and minimum water use. Our top priorities right now are attracting the best technical talent to SQM and partnering with the most innovative, high- impact start-ups in our industry.”
María de los Ángeles Romo, Director of SQM Lithium Ventures, added: “The link with entrepreneurs, technology and start-ups allows us to have quicker reaction time to the challenges the market presents, like reduction in water use, new lithium applications, and processes associated with electromobility and value-added initiatives. We will be better prepared to solve global problems, with a sustainable, regional focus.”
Tees Valley Mayor Ben Houchen welcomed the funding news, saying : “This investment is great news for Altilium, which is bringing the UK’s largest EV battery recycling facility to the region. The funding takes this vital energy project one step closer to delivery, which will add even more efficiency and support to this emerging sector.
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"For local people, it will also pave the way for up to 200 jobs in the cleaner, safer, and healthier industries in the future.
“Electric vehicles have a huge role to play in our low-carbon future – and Teesside has a big part to play in this industry. Altilium’s plans will add huge value to the many other EV developments taking place on our doorstep, making us a premier place to do business in yet another clean energy initiative.
“Teesside truly is leading the way in the clean growth sector”
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