- Lithium extraction technology company Lilac Solutions announced the first close of a $ 150 million Series B financing round. Those are the details.
Lilac Solutions – a lithium recovery technology company – announced the first close of a $ 150 million Series B financing round led by Lowercarbon Capital and funds and accounts advised by T. Rowe Price Associates. Other new investors include Mercuria Energy Trading and Valor Equity Partners. Existing investors Breakthrough Energy Ventures and The Engine also took part in the round.
Lilac has developed a new ion exchange technology to increase lithium production from brine resources. And the company has demonstrated the technology on a variety of brines, recently completing its first field test, setting a new standard for rapid deployment and process performance. Lilac plans to use the new funds to increase production of the company’s unique ion exchange beads, expand its engineering and field service teams, and deploy the technology worldwide.
Most of the world’s lithium is contained in brine resources, naturally occurring salt water deposits. And these brines are abundant, but resource developers have struggled to get projects into production due to a lack of inexpensive technology.
Lilac’s lithium extraction technology is significantly faster to deploy and more effective than traditional methods and offers better financial returns. And the technology enables the brine to be returned to the subsoil after the lithium has been extracted; This minimizes the environmental impact compared to existing lithium production methods based on evaporation basins.
As automakers move to battery power, concerns about national security, sustainability, and human rights have led to heightened scrutiny of the lithium supply chain around the world. And Lilac works with lithium brine resource developers to increase production while protecting local communities and ecosystems.
“Electric vehicles are a low-carbon success story, but the lithium raw materials needed for batteries have become a serious bottleneck. The lithium industry is plagued by technical and ecological problems that have endangered the energy transition. Lilac’s technology solves these problems and will finally enable lithium production on the scale required for the energy transition. We are very excited to be building this supply chain with the support of our investors. “
– Dave Snydacker, CEO of Lilac Solutions
“I’ve been doing this for a long time, but before Lilac I’ve never seen a company whose product is 10,000x faster than the competition. Lilac’s success means much more affordable electric cars, hundreds of millions of tons less carbon footprint, and a big step towards improving US national security. “
– Chris Sacca, Managing Partner of Lowercarbon Capital
“Lilac Solutions holds the promise of significant potential in developing the world’s latent lithium resources, which are currently too inferior to be conventionally harvested. What is even more attractive, however, is that the environmental impact of the Lilac extraction process is potentially orders of magnitude less than traditional methods. We believe Lilac is well placed to address this important issue facing current and future generations around the world. “
– John Qian, portfolio manager at T. Rowe Price