Allotrope has raised £5.3m to convert wood pulp into batteries
Allotrope Energy, has successfully raised £5.3m in capital after unveiling their new type of rapidly charging batteries derived from trees.
In 2016, a Surrey-based energy company was established that focuses on the development of batteries for the mobility, aerospace, and robotics sectors. They assert that their fast-charging batteries are capable of achieving a full charge as quickly as it takes to fuel a combustion engine.
Carbon created from pulp from trees is what Allotrope's battery technology is constructed of. The organisation claims that their batteries need not have rare elements, like nickel and cobalt, to function.
Materials for Allotrope were sourced from Suzano, a hardwood pulp producer, who was the driving force behind the investment in the battery startup.
Dr Peter Wilson, CEO of Allotrope Energy, stated that the significant investment is a crucial action to show the potential of merging Suzano's sustainable and natural resource with Allotrope's quick and efficient carbon technology.
By collaborating with Suzano, we can obtain a key source of raw material which is generated in a sustainable way. Furthermore, we can benefit from the business and technical knowledge, along with the international presence, of a major global corporation.
Suzano has made their first investment from the $70m (£56.3m) corporate venture capital fund which they established in the previous year.
Paula Puzzi, the manager of Suzano Ventures, underlined their emphasis on discovering deep tech startups that could create a circular, self-renewing economy with the inventive fabrication and use of biomaterials.
We are thrilled that our inaugural investment is in a corporation that can make use of a by-product of our paper pulp production procedure as a significant component in expediting the worldwide shift to zero-carbon transportation.