CA-based Lilac Solutions secures $145million in series C round funding. Mercuria, Lowercarbon Capital, and Breakthrough Energy Ventures led the $315 million round, in which T. Rowe Price Association, Inc., Engine Ventures, Aventurine, Presidio Ventures (a Sumitomo Corporation Group Company), and BMW i Ventures were among the participants.
Lilac Solutions, a lithium extraction technology firm led by CEO Dave Snydacker and COO Raef Sully, is creating proprietary ion exchange technology that makes it easier to produce lithium from brine resources efficiently, cheaply, and with little impact on the environment.
Read also – CA-based PatientFi Secures Growth Equity Investment from Questa Capital
Its goal is to increase lithium production on a worldwide scale to aid in the energy transition and the electric vehicle market. IX, which is frequently employed in water treatment and metals separation, is the foundation of Lilac’s technique. An ion exchange medium (IXM) that is selective for particular metals is the foundation of all IX technologies.
IX technology has been developed for many different industrial applications, but there has never been an IXM for producing lithium that is economically viable, at least not until Lilac. Lilac provides a full-service package for every step of project development and works with lithium resource developers worldwide to support project development and operations.
Read also – WA-based Vimly Benefit Solutions Secures an Investment
These services include test work, on-site piloting, Front-End Loading (FEL) engineering, and a turnkey solution for commercial production that can supply, build, operate, and design IXM. The money will be used by the business to grow operations, increase production of its unique ion-exchange (IX) material, and enable its commercial application in global projects.
About Lilac Solutions
Lilac Solutions is a lithium extraction technology company based in Oakland, California. Lilac has developed a patented ion exchange technology that facilitates production of lithium from brine resources with high efficiency, minimal cost, and ultra-low environmental footprint.
Read also – NC-based Areteia Therapeutics Secures Additional $75Million in Series A Round Funding
