Lilac Solutions, an Oakland-based lithium technology startup, closed $ 150 million Series B financing round to scale the lithium supply for the electric vehicle market.
The round was funded by Lowercarbon Capital, with the participation of existing investors from The Engine and Breakthrough Energy Ventures. New entrants also joined Valor Equity Partners and Mercuria Energy Trading in this round. With this round, the total funding raised by the startup is $ 173.6 million. John Qian, portfolio manager at T. Rowe Price, said about the shift:
“Lilac Solutions has high hopes for the conventional collection of latent lithium resources in the world that are now too low. What is more attractive, however, is that the environmental impact of the lilac extraction process has a lower order of magnitude than conventional methods. We believe that lilacs are well positioned to address this important issue facing future and future generations around the world. ”
Founded in 2016 by Lila, it has developed a new ion exchange technology that increases the production of lithium from brine resources. In addition to being proven in a variety of brackets, its technology recently formed the first pilot to set a new standard for field implementation and process performance. Dave Snydacker, CEO of Lilac Solutions, said of the startup’s role in the global economy:
“Electric vehicles are a low-carbon success story, but the lithium raw materials needed for batteries have become a serious bottleneck. There have been technical and environmental issues that have jeopardized the energy transition in the lithium industry. Lila’s technology solves these problems and will eventually enable lithium production on the scale required for the energy transition. ”
The benefit of the shift will be to invest in the production of ion exchange grains, increase the staff of engineers and field operators, and expand its technology worldwide to accelerate the growth of the startup.
Demand for lithium has increased rapidly in recent years as manufacturers move towards production electric vehicles. This has led to a growing need for technologies developed with the launch of lithium technology to improve lithium extraction while minimizing the impact on the environment.