Texas-based Material Extraction Company Element3 Secures Seed Funding. EIC Rose Rock participated in the round.
The company intends to use the funds to expedite the testing and development of its Direct Lithium Extraction (“DLE”) technology, which is pending a patent. By early 2024, the technology should be operational in the field.
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Under the leadership of CEO and Founder Hood Whitson, Element3 concentrates on removing lithium and other vital substances from wastewater from the oil and gas industry. It makes use of this underutilised resource to produce a safe, stable domestic supply of materials needed for advanced manufacturing and the energy transition.
Hood Whitson said: “This strategic funding underscores a collective recognition of the ever-evolving energy landscape and the commitment of forward-thinking investors to embrace a sustainable future. We are excited and grateful for this transformative partnership with our investors.”
About Element3
Element3 goal is to establish a safe, domestic source for these vital materials. Utilising the infrastructure provided by oil and gas and turning waste into a valuable resource, they can safeguard the country’s supply chain, improve the environment, and accelerate the energy transition. Simultaneously, they are aiding one of the biggest employers and sectors in their nation. Being built for oil and gas makes them proud.
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