Marubeni commits $5 million to UK EV battery recycler Altilium
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Update time : 2025-01-08 17:23:53
Japanese trading company Marubeni has invested US$5 million in British EV battery recycler Altilium to support its growth, which is part of Altilium's Series B fundraising.
Previously in 2024, the corporate venture arm of Sociedad Quimica y Minera de Chile's (SQM) lithium business provided US$9.4 million of Altilium's US$12 million Series A.
As EV sales surge, efforts to recycle valuable minerals like lithium, cobalt, and nickel are gaining momentum, aiming to reduce dependency on China.
Altilium, one of the companies operating recycling operations in Europe, currently operates a small recycling facility and plans to process 24,000 EV battery packs yearly by 2026.
