Altilium drives ahead with £2 million Mizuho support

A company behind plans to create the “UK’s largest” electric vehicle battery recycling plant has secured £2 million support.

Altilium has been backed by Japan’s Mizuho Bank.

The cash will help drive construction of the firm’s planned Teesside factory, which is earmarked to turn electric vehicle battery waste into a new component for next-generation automotive power packs.

Bosses say the plant will process more than 150,000 electric vehicle batteries a year, with industry veteran David Cartwright recently appointed as managing director to support its creation.

Altilium's latest financial agreement builds on £4 million support from Marubeni Corporation and backing worth more than £7 million from SQM Lithium Ventures.

A Mizuho Bank spokesperson said: “With international shortages and resource constraints becoming more severe, shifting to a circular economy is essential.

“Through this investment, we will further expand our technical and industrial knowledge of lithium-ion battery recycling and take on the challenge of developing concrete solutions to solve social issues.”

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.