22 Sep Lilac Solutions Announces $150 Million Series B to Scale Lithium Supply for the Electric Vehicle Era
BusinessWire, September 22, 2021.
OAKLAND, Calif.–(BUSINESS WIRE)–Lilac Solutions, a lithium extraction technology company, announced today the first close of a $150 million Series B financing led by Lowercarbon Capital and funds and accounts advised by T. Rowe Price Associates, Inc. Additional new investors include Mercuria Energy Trading and Valor Equity Partners; existing investors Breakthrough Energy Ventures and The Engine also participated in the round.
Lilac has developed a new ion exchange technology to increase production of lithium from brine resources. The company has proven the technology on a variety of brines and recently completed its first field pilot, setting a new standard for rapid deployment and process performance. Lilac will use the new funds to ramp production of the company’s unique ion exchange beads, expand its teams of engineers and field operators, and deploy the technology globally.
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. Lilac’s mission is to scale global lithium production to support the electric vehicle industry and energy transition.