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Altris, the creator of sodium-ion batteries, powers up with €4.8M funding to rival lithium-ion batteries sustainably

Altris funding
Image credits: Altris

Increasing demand for batteries and materials used in their production increases as we strive to reduce our reliance on fossil fuels. Now, Swedish sodium-ion battery developer, Altris, has announced that it secured SEK 50M (€4.8 million) of bridge financing from its current owners and appointed Björn Mårlid as its new CEO and Christer Bergquist as new CFO, as the company continues its journey towards commercialisation.

Rival lithium-ion batteries 

Established in 2017 by Morgan Sadarangani, Altris has been rapidly developing components such as Prussian White cathodes, electrolytes, battery cells, and production blueprints for market-leading sodium-ion batteries. The company’s latest funding round comes after it raised €9.6 million (SEK 100M) in its Series A Funding in 2022. The new €4.8 million (SEK 50M) bridge financing facility from current investors and employees was oversubscribed by 60 percent and will allow Altris to finalise its industrial-grade battery manufacturing at a new facility in Uppsala, Sweden. In addition, Altris has revealed its plans to raise Series B funding in 2023.

“We are proud of the confidence showed in us by our employees and investors, with this oversubscribed bridge round. This enables us to gear up while continuing our journey towards becoming the primary developer of sodium-ion batteries in Europe,” says Torbjörn Sternsjö, Chairman of Altris.

To strengthen its commercialisation journey, Altris has appointed Björn Mårlid as CEO and Christer Bergquist as CFO. Björn brings over 20 years of experience from French battery developer SAFT, where he held various senior positions.

“I am very happy to be joining Altris. Few battery innovations survive the commercialisation process to become viable products – but Altris does. I look forward to playing a part in our continued development, moving towards large-scale deployment,” says Björn Mårlid, appointed CEO of Altris.

Christer Bergquist, who has held several roles such as COO and CFO of Norrsken Foundation and General Partner of Norrsken Impact Accelerator, joins Altris as the new CFO. “I am impressed by Altris’ journey so far, and the high ambitions to achieve real impact and contribute to a more sustainable and electrified world. The bridge financing enables us to maintain a high pace in our development, while preparing to raise our Series B financing,” says Christer Bergquist.

Uses low-cost, readily available and sustainable materials

The Swedish sodium-ion battery developer has created cathodes, electrolytes, battery cells, and blueprints to build market-leading sodium-ion batteries. With its innovation patent from the Ångström Laboratory at Uppsala University, the company aims to become the primary supplier of sodium-ion batteries in Europe, enabling a better battery at scale and making a real impact on the world.

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