Lithium extraction technology developer Lilac Solutions has secured $20m in series A funding from investors including the Engine.
The Engine, the incubator and venture fund set up by Massachusetts Institute of Technology, yesterday contributed to a $20m series A round for Lilac Solutions, a US-based lithium mining technology developer.
Breakthrough Energy Ventures led the round, while Lowercarbon Capital and Grantham Foundation also took part.
Lilac Solutions is working on an ion exchange technology that enables the extraction of lithium from brine resources in a more efficient and cheaper way than current approaches allow. The technology has been demonstrated in the field with dozens of brine resources globally.
The need for lithium is becoming increasingly important as the metal is a key component of modern-day batteries found in smartphones and electric vehicles.
The cash injection will allow Lilac to hire additional engineers, scale up production of its ion exchange beads – the core part of the company’s technology – and market the product internationally.
Katie Rae, chief executive and managing partner of the Engine, said: “We are thrilled to support Lilac Solutions in their next phase of development to bring their technology to bear, enabling the expansion of global lithium markets and playing a key role in the transition to a decarbonised future through electrification.”
Lilac Solutions previously raised $2.5m in a pre-series A round co-led by Prime Impact Fund and Tribeca Early Stage Partners in January 2019, adding to $800,000 in seed funding secured from undisclosed venture capital firms and angel investors in 2018.