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US-based lithium extraction technology company Lilac Solutions has raised $150m in a Series B financing round.

The round saw the participation of new investors including SK Materials, BMW i Ventures, Presidio Ventures, MCJ Collective and Earthshot Ventures.

Based in California, Lilac Solutions has developed a new ion exchange technology that will facilitate the production of lithium from saltwater brines. The company has demonstrated the technology on a variety of brines.

Recently, Lilac Solutions also completed its first field pilot project.

According to Lilac, the technology can be deployed faster and minimises environmental impact compared to existing production methods, such as evaporation ponds.

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The company will use the proceeds to boost the production of its ion exchange beads. A portion of the funding will also be used to strengthen its engineers and field operator teams as well as support the deployment of its technology globally.

BMW Group indirect goods and services, raw materials, production partners senior vice-president Wolfgang Obermaier said: “By investing in Lilac Solutions, we are supporting technological progress in the field of lithium extraction, with a focus on responsible and sustainable methods.”

Lithium is used for the development of batteries used in mobile phones, laptops, tablets and electric vehicles.

With the automobile industry increasingly focusing on the development of battery-powered vehicles, the demand for lithium is expected to increase in future.

Lilac Solutions CEO Dave Snydacker said: “The lithium industry must innovate to meet the needs of battery and automotive companies, otherwise the transition to electric vehicles will be delayed.

“We’re delighted to add strategic partners who deeply understand each facet of lithium supply and support our mission of ramping production.”

Last month, Lake Resources partnered with Lilac Solutions to develop the Kachi Lithium Brine Project in Argentina.