Rthe partners will focus on E3 Metals' petro-lithium brines located in the Leduc Formation in Canada
Livent Corporation announce a collaboration with E3 Metals (E3 Metals) whereby the two companies will seek to advance the development of E3 Metals’ proprietary direct lithium extraction process. Work under this agreement will focus on E3 Metals’ petro-lithium brines located in the Leduc Formation in Alberta, Canada.
Livent will contribute its technical expertise and up to US$ 5.5 million to the joint development project. In exchange, upon completion of the project and satisfaction of the full US $5.5 million in funding, Livent will have the opportunity to convert its investment into a 19.9% ownership stake in E3 Metals and appoint one member to its Board of Directors, provided Livent maintains not less than a 5% equity interest.
Paul Graves, president and chief executive officer of Livent commented, “Livent has been a pioneer in the lithium industry for over 60 years. Collaborating with E3 Metals provides an opportunity to build on our rich heritage of innovation and to bring exciting new possibilities to our customers around the world.”
Source: Company Press Release