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October 7, 2021

Lithium technology company Lilac Solutions raises $150m

Lilac Solutions has developed a new technology to facilitate the extraction of lithium from saltwater brines.

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

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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.

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.

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IoT can be beneficial across the whole mining value chain, from prospecting to reclamation. The technology allows different assets and people to be monitored and accounted for across vast distances in hazardous conditions.  GlobalData’s IoT in Mining Thematic Research report provides you with an in-depth lens into the impact of IoT on the industry. We highlight both the challenges and opportunities associated with the innovative technology now, and in the future. Our report also covers: 
  • Major players and companies 
  • Market size and growth forecasts 
  • Case studies  
  • Sector scorecard 
GlobalData predicts that the revenue from IoT in mining will grow to reach $1.9 billion by 2025, with a compound annual growth rate (CAGR) of 6.2% between 2020 and 2025. Ensure your company is proactive in adapting strategies and processes to help you remain competitive.   Download the full report to get ahead of the competition
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