Altris AB

Altris AB’s Prussian White cathode uses only iron, salt, wood carbon, and air — eliminating cobalt, nickel, and manganese entirely — while matching LFP at 160 Wh/kg. This near-zero critical mineral cost outperforms #5 Faradion’s layered oxide chemistry, which still requires nickel and magnesium. Founded in 2017 in Uppsala as an Angstrom Advanced Battery Centre spin-off, Altris raised $77.1 million total, including a Series B1 led by Clarios and Volvo Cars Tech Fund. Its Sandviken factory produces 2,000 tons of cathode yearly (3 GWh equivalent). A partnership with Ligna Energy created the world's first ultrathin sodium-ion battery for wireless electronics, a niche no rival addresses. Northvolt integrated Altris’s technology before restructuring in 2024.