Separately, Lake Resources has announced a partnership with Lilac for technology and funding to develop the Kachi lithium brine project, which is considered to be one of the world’s top ten brine resources, in Argentina
US-based lithium extraction technology company Lilac Solutions has raised $150m funding to expand production of its ion exchange beads.
The Series B financing round is led by Lowercarbon Capital and funds and accounts advised by T. Rowe Price Associates.
The round also witnessed participation of new investors Mercuria Energy Trading and Valor Equity Partners as well as existing investors Breakthrough Energy Ventures and The Engine.
Based in Oakland, California, Lilac has developed a new ion exchange technology that helps in increasing production of lithium from brine resources. Recently, the company has completed its first field pilot for the technology.
Lilac’s lithium extraction technology is designed to allow brine to be returned back underground after lithium recovery to reduce environmental impact.
The company intends to utilise the proceeds to ramp up production of its ion exchange beads, and deploy the technology globally.
The funding will also be used to expand its teams of engineers and field operators.
Lilac Solutions CEO Dave Snydacker said: “Electric vehicles are a low-carbon success story, but the lithium raw materials needed for batteries have become a serious bottleneck.
“The lithium industry has been plagued by technical and environmental problems that have put the energy transition in jeopardy.
“Lilac’s technology solves these problems and will finally enable lithium production at a scale demanded for the energy transition. We are thrilled to build this supply chain with support from our investors.”
Separately, Lake Resources has announced a partnership with Lilac for technology and funding to develop the Kachi Lithium Brine Project (Kachi) in Argentina.
As part of the partnership, Lilac will contribute technology, engineering teams, and an on-site demonstration plant to gain a 25% in the Kachi project.
After acquiring the stake in Kachi, the company is also expected to make an investment of $50m for the development of lithium brine project.
Lake’s managing director Steve Promnitz said: “Lilac’s technology is truly disruptive as it has taken a non-mining tech solution which cuts operating costs and boosts lithium recovery from our brines.
“The process is modular producing high purity lithium and can be ramped up quickly through pilot to commercial stages – this equity stake ensures a rapid commercialization of the Lilac technology at the Kachi site.”