Alitilum, a Devon-based clean technology group focused on supporting the transition to Net Zero have recently joined the Park as a new tenant.

They secured an investment of up to $2.57m, in a deal that completes its Series A funding round. Altilium produces battery-ready cathode active materials (CAM) from spent EV batteries at its Battery Recycling Technology Centre.

SQM Lithium Ventures’ investment will support the scale-up of this demonstration line, paving the way for the roll-out of Alitilum’s first commercial plant in the UK, as well as the retrofit of its SX-EW hydrometallurgical plant in Eastern Europe to recycle battery waste from more than 24,000 electric vehicles in 2024.

This is the second investment close for SQM Lithium Ventures, the corporate venture arm of the lithium business of Sociedad Quimica y Minera de Chile (SQM).

The Series A funding marks a significant milestone for Altilium, validating its approach to producing low-carbon, sustainable battery materials from recycling lithium-ion batteries.

Altilium chief operating officer 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.”

Altilium chief executive 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.”

María de los Ángeles Romo, director of SQM Lithium Ventures, said: “The link with entrepreneurs, technology and start-ups allows us to have quicker reaction times 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.”