Investment

SQM makes $9.4m follow-on investment in UK battery recycling firm

Published

7 months ago

February 21, 2024

Altilium’s technological focus is to produce high-volume, low-carbon domestic sources of cathode and anode materials from recycling waste streams already in circulation, such as lithium scrap.

In 2022, it opened its battery recycling technology centre in Devon to deepen and strengthen its competitive edge in the recycling of lithium-ion batteries. The scale-up processing line will provide the company with data to make informed decisions on materials handling, scalability, and product quality at the UK’s largest planned EV battery recycling facility, to be located in Teesside.

The plant will have the capacity to process scrap from over 150,000 EVs per year, producing 30,000 metric tons of cathode active material, 20% of the expected demand in the UK and one of the largest projects in the UK and Europe.

Since SQM’s initial investment of $2.57 million last year, Altilium has hit a number of key development milestones, including the expansion of its UK recycling facilities, enhancement of its proprietary EcoCathode hydrometallurgical process and strengthening of its senior management team.

The additional funding follows a year of strong progress in the scaling up of Altilium’s proprietary battery recycling technology and underscores both companies’ commitment to developing a circular economy for sustainable low and carbon battery materials, the Chilean group said.

The latest investment in Altilium completes the Series A funding round and marks the largest investment to date for SQM Lithium Ventures, now totalling $12 million.

The additional funding of $9.43 million is expected to accelerate the scale-up Altilium’s UK and European activities, paving the way for the roll-out of the company’s full battery circularity customer offering, encompassing zero-carbon EV battery collection, black mass recycling and chemical refining direct to cathode active material (CAM).

Key developments in 2024 include the construction of a 18,000-square-foot facility in Plymouth, Devon, scheduled to begin mid-year; building the first battery recycling station to efficiently transform discarded EV batteries into high-quality black mass; and the retrofit of an existing plant in Eastern Europe, with plans to process 8,000 metric tons of black mass to EV battery later in the year.

“We are delighted to continue our relationship with SQM and excited about the journey ahead as we build a UK and European leader in battery recycling,” stated Dr. Christian Marston, Altilium president and COO.

“This round of funding with SQM Lithium Venture has been a pivotal achievement for Altilium and reflects the significant strides the business has made over the past 12 months,” Altilium CEO Kamran Mahdavi added.

Carlos Díaz, CEO of SQM’s lithium-potassium division, said that the investment gives the company the chance to participate in the creation of a new industry: the recovery of critical minerals such as lithium, nickel, and cobalt from recycled batteries.

“This will allow us to add value to the new battery supply chain, while at the same time maintaining sustainable consumption levels of resource consumption, water use, and carbon footprint,” he said.

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Economy

S&P/TSX composite down more than 200 points, U.S. stock markets also fall

Published

1 week ago

September 6, 2024

Anne Joseph

TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.

The S&P/TSX composite index was down 239.24 points at 22,749.04.

In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.

The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.

The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.

The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.

This report by The Canadian Press was first published Sept. 6, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets also higher

Published

2 weeks ago

August 29, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.

The S&P/TSX composite index was up 171.41 points at 23,298.39.

In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.

The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.

The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.

The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.

This report by The Canadian Press was first published Aug. 29, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Investment

Crypto Market Bloodbath Amid Broader Economic Concerns

Published

1 month ago

August 5, 2024

Harry Miller

The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.

The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.

Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.

The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.

Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.

Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.

Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.

Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.

The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.