April 3, 2025: Volvo’s venture capital arm has become a key investor in Swedish sodium ion battery developer Altris, the firms announced on March 26.

The undisclosed investment by Volvo Cars Tech Fund was made in Altris’ B1 funding round. Volvo Cars will also collaborate on product development for potential new battery energy storage systems.

Volvo said it also wants to explore the potential use of sodium ion tech in a variety of automotive-related products.

Altris, founded in 2017, is spearheading developing of its proprietary ‘Altris Prussian White’ cathode material, alongside electrolytes, battery cells sodium ion batteries. 

Ann-Sofie Ekberg, CEO at Volvo Cars Tech Fund, said: “Altris’ technology has the potential to transform the battery market by providing more sustainable solutions at a fraction of the cost.

The deal with Volvo follows last year’s signing of a joint development agreement with lead and lithium battery giant Clarios.

Under the Clarios agreement, the partners are focusing on sodium ion cell technology for low-voltage applications.

Altris said a key benefit of its technology is the use of abundant and easily recyclable materials such as salt, wood, iron, and air.

With backing from Clarios, Volvo and Maersk Growth, Altris said it now has strategic backing across its key industry verticals — grid storage, vehicle and marine applications.