Lilac Solutions, an Oakland, CA-based company which specializes in lithium extraction technology, raised $145M in Series C funding.
The round, which brought the total amount to $315M, was led by Mercuria, Lowercarbon Capital, and Breakthrough Energy Ventures, with participation from T. Rowe Price Association, Inc., Engine Ventures, Aventurine, Presidio Ventures (a Sumitomo Corporation Group Company), and BMW i Ventures amongst others. Lilac also added Mitsubishi Corporation as new investor.
Led by CEO Dave Snydacker, and COO Raef Sully, Lilac Solutions is a lithium extraction technology company developing patented ion exchange technology that facilitates production of lithium from brine resources with efficiency, minimal cost, and a low environmental footprint. Its mission is to scale global lithium production to support the electric vehicle industry and energy transition. Lilac’s technology is based on IX, which is commonly used in metals separation and water treatment. Every IX technology is based on an ion exchange media (IXM) that is selective for certain metals. IX technology has been developed for a wide variety of industrial applications; however, prior to Lilac, there has never been an economically viable IXM for lithium production. Lilac engages with lithium resource developers around the world to support project development and operations, offering a full-service package for each stage of project development. These offerings cover test work, Front-End Loading (FEL) engineering, on-site piloting, and a turnkey package for commercial production with capabilities including design, build, operation, and supply of IXM.
The company intends to use the funds to expand operations and ramp up manufacturing capacity of its propriety ion-exchange (IX) material and commercial deployment at projects around the world.
FinSMEs
15/02/2024