Altilium, a tech firm that has received the support of the German government, has surpassed its £770,000 target on the online investment platform Republic Europe. The cleantech firm received a UK government grant of £18.5 million to help get things going.
As it stands today, Altilium has raised £1.28 million from 578 investors. The company has a pre-money valuation of £174.3 million. The company has approved secondary trading on the Republic marketplace.
Altilium is a company that provides a recycling service for electric vehicle (EV) batteries. Its “EcoCathode” method recovers minerals such as lithium, nickel, cobalt, and graphite while generating significantly fewer emissions than alternatives.
The demand for lithium is predicted to increase by 1,100% in the UK by 2035. Additionally, in the UK, EV batteries must use at least 6% recycled lithium by 2031. This percentage will rise to 12% by 20236.
Altilium has partnered with well-known automotive brands such as Jaguar Land Rover (JLR), Nissan, and others.
The UK has set a deadline for the use of petrol/diesel in vehicles. By 2035, new cars must also be emission-free. While policies can change, the stringent rules will accelerate the switch to EVs.
The company says it is the first of its kind and is located in Plymouth.
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