UK start-up Allotrope Energy has secured millions to develop fast-charging lithium-carbon batteries, made with by-products from tree pulp production.
Suzano Ventures, set up by the pulp production giant last year, invested US$6.7mln into the Surrey-based battery start-up it said on Tuesday, which has been earmarked to progress the technology.
“These batteries do not require the use of materials such as cobalt, nickel and rare earth metals, where shortages have been impacting global supply chains and increasing costs,” Suzano said in a press release.
Instead, they can be made using “abundant” carbon which will be taken from Brazil-based Suzano’s own pulp production process.
These alternative batteries can then be fully charged in a similar time to refuelling a petrol or diesel car, according to Allotrope.
New York-listed Suzano and Allortope will also enter a broader partnership agreement for the former to develop supply chains and commercialise the batteries, the pair hinted.
“Working with Suzano we get access to a critical raw material that is sustainably produced, alongside […] commercial and technical expertise,” Allotrope boss Peter Wilson said.
"It comes at a time when we see an increasing global interest in exploring new battery technologies which offer broad appeal across a range of industries."