The Engine has reinvested in Lilac Solutions, a lithium extraction technology developer building on research at Northwestern University.
Lilac Solutions, a US-based lithium mining technology producer exploiting research at Northwestern University, picked up $150m in a series B round featuring The Engine, the incubator and venture fund backed by Massachusetts Institute of Technology and Harvard University, yesterday.
Lowercarbon Capital co-led the round with funds and accounts advised by T Rowe Price Associates, while commodity trading firm Mercuria Energy Trading, Valor Equity Partners and Breakthrough Energy Ventures also participated.
Lilac Solutions has created an ion exchange technology that 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.
Lilac was co-founded by chief executive David Snydacker in 2016 following his PhD studies in the Wolverton Research Group at Northwestern University.
The series B capital has been allocated to recruitment, ramping up production and international technology deployment.
Snydacker said: “Electric vehicles are a low-carbon success story, but the lithium raw materials needed for batteries have become a serious bottleneck. The lithium industry has been plagued by technical and environmental problems that have put the energy transition in jeopardy.
“Lilac’s technology solves these problems and will finally enable lithium production at a scale demanded for the energy transition. We are thrilled to build this supply chain with support from our investors.”
The Engine previously participated in a $20m series A round in February 2020. That round was led by Breakthrough Energy Ventures and also included Lowercarbon Capital and Grantham Foundation.
Prime Impact Fund and Tribeca Early Stage Partners co-led a $2.5m pre-series A round in 2019, following an $800,000 seed round featuring unnamed venture capital firms and private investors the previous year.