Allotrope Energy, a startup that has developed a new form of fast-charging batteries from trees, has secured $6.7m (£5.3m) in funding.
Founded in 2016, the Surrey-based energy startup develops batteries for use across the mobility, aerospace, and robotics industries. The company claims its fast-charging product can reach full energy capacity in the time it takes to fuel a combustion engine.
Allotrope’s battery technology is made using carbon extracted from pulp from trees. The company says its batteries do not require rare materials, such as cobalt and nickel.
Allotrope sources the required materials from Suzano, a hardwood pulp producer, which led the investment in the battery startup.
“This significant investment is the pivotal step in demonstrating the immense opportunity in combining Suzano’s sustainable, natural resource and Allotrope’s agile high-rate carbon technology,” said Dr Peter Wilson, CEO of Allotrope Energy.
“Working with Suzano we get access to a critical raw material that is sustainably produced, alongside the commercial and technical expertise and global reach from working with a major multinational business. “
The investment marks the first of Suzano’s $70m (£56.3m) corporate venture capital fund launched last year.
“At Suzano Ventures, our focus is on finding deep tech startups that can build a circular and regenerative economy through the innovative production and use of biomaterials,” said Paula Puzzi, manager of Suzano Ventures.
“We are excited that our first investment is into a company can harness a co-product from our own pulp production process as a key raw material, to help accelerate the global transition to zero-emission mobility.”