Mercuria Energy Trading contributed to a round which will support the international growth of the lithium-extraction technology developer.
US-based lithium mining technology producer Lilac Solutions picked up $150m yesterday in a series B round featuring commodity trading firm Mercuria Energy Trading.
Lowercarbon Capital co-led the round with funds and accounts advised by T Rowe Price, while The Engine, Valor Equity Partners and Breakthrough Energy Ventures also participated.
Lilac has created an ion exchange technology which makes the extraction of lithium from brine resources – naturally occurring sources of saltwater – more efficient than current methods.
The brine can be returned underground once the lithium has been extracted, minimising the environmental impact of the process. The series B capital has been allocated to recruitment and expanding production of Lilac’s technology in addition to its international deployment.
The company was co-founded by chief executive David Snydacker in 2016 following his PhD studies in the Wolverton Research Group at Northwestern University.
Snydacker said: “Electric vehicles are a low-carbon success story, but…
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
