Altilium has landed additional capital from Sociedad Quimica y Minera de Chile (SQM) and Marubeni Corp. as it builds a 24,000-battery-per-year ACT 3 refinery in Plymouth, Devon. The Series B2 follow-on tranche, confirmed Oct. 6, drew on two shareholders that previously led the recycler's $12 million Series A and Series B rounds.

SQM led the Series A and Marubeni joined as a key investor in Series B, according to Altilium. The Chilean mining and specialty chemicals group and the Japanese trading house are now deepening their exposure to Altilium's proprietary hydrometallurgical platform as the UK recycler moves from bench- and pilot-scale operations to commercial production.

Altilium frames ACT 3 as the second of four facilities in a UK scale-up targeting 30,000 metric tons of cathode active material (CAM) annually at full build-out — volumes the company says would cover more than 20 percent of UK CAM demand by 2030.

Altilium CEO Kamran Mahdavi called the funding "a strong endorsement of our strategy to scale a UK-based circular economy for battery materials." He added: "With the backing of our strategic partners and the UK government, we are accelerating the development of ACT 3 and laying the foundation for a globally competitive battery recycling industry in the UK."

Altilium says the Series B2 reinvestment reflects "strong confidence" in its ability to scale proprietary technology and deliver a closed-loop solution for battery materials.

What does the new capital underwrite?

The corporate capital lands alongside an £18.5 million (about $24.5 million) grant awarded through the UK government's DRIVE35 program and delivered by the Advanced Propulsion Centre (APC) and Innovate UK. Altilium says the public money will cover a portion of ACT 3 engineering and commissioning costs, with SQM and Marubeni capital covering the balance.

ACT 3, now under construction in Plymouth, will process 24,000 end-of-life EV batteries per year once commissioned and recover nickel mixed hydroxide precipitate (MHP), lithium sulphate and graphite as battery-grade intermediates. Those streams feed Altilium's EcoCathode and EcoAnode processing lines, which convert cells, gigafactory scrap and end-of-life packs into cathode precursor (pCAM), cathode active material (CAM) and anode active material (AAM) for direct use in new batteries.

Altilium pitches the recovered materials as direct substitutes for primary nickel, lithium and graphite, citing lower embedded carbon and reduced exposure to imported feedstock price volatility. The company has not yet disclosed specific offtake agreements with named UK cell makers.

How does ACT 3 compare with ACT 4?

ACT 4 — an announced but not yet constructed project — is sized to handle 150,000 EV batteries per year and produce 30,000 metric tons of CAM. The four-stage pathway runs ACT 1 (bench-scale) → ACT 2 pilot, which began operating in 2025 → ACT 3, in construction → ACT 4.

ACT 4 remains in the announced-project column until Altilium secures permits, offtake commitments and a final investment decision. When built, Altilium claims ACT 4 will rank among the largest EV battery recycling sites in Europe, with CAM output sized to meet more than 20 percent of the UK's expected CAM needs by 2030.

What demand thesis anchors the build-out?

Altilium cites APC research showing UK automotive battery demand climbing from 13 GWh per year in 2027 to 75 GWh per year by 2035. The recycler is targeting that supply gap with a domestic pitch anchored on its Plymouth hub.

The next milestone to watch: ACT 3 commissioning and the first commercial shipment of recovered MHP, lithium sulphate and graphite to UK gigafactory buyers. Output volumes at that stage will set the credibility benchmark for ACT 4 financing and the 20-percent CAM-by-2030 claim.