German carmaker BMW said Wednesday it will invest in lithium technology startup Lilac Solutions Inc to produce electric car batteries more efficiently.
Lilac Solutions is an American developer and application of lithium extraction technology, which is committed to ensuring that lithium mining consumes less water and is more sustainable. Its technology can significantly reduce water use, reduce capital expenditure, and improve the efficiency of lithium extraction.
Instead of waiting for the sun to heat the evaporation pool, Lilac Solutions uses ion-exchange beads that selectively remove lithium, leaving magnesium, calcium, boron and other unwanted minerals. Once the beads are saturated, they are treated with acid to extract lithium, and then can be used again.
Although BMW has signed orders with many traditional lithium producers, BMW says Lilac technology will become a mainstream way to increase global lithium production in the future as demand for electric cars grows.
"this has the potential to become a new extraction technology that allows people to get more lithium in a green way," said Kasper Sage of BMW venture capital firm BMW i Ventures. "
BMW participated in the round B financing of Lilac along with SK Materials, Presidio Ventures, the investment arm of Sumitomo Group, and other companies. BMW declined to discuss the amount of its investment, but all investors announced on Wednesday totaled less than $20 million, according to regulatory documents. Companies such as T. Rowe Price participated in the initial $130 million of the series B financing announced by Lilac last month.
Lilac plans to use the funds to build a production facility for ion exchange beads in the United States. The company agreed last month to use its technology to develop a lithium project in Argentina with Lake Resources NL.
Dave Snydacker, CEO of Lilac, said: "We have been focused on proving that our technology is reliable and scalable. This has resonated with members of our supply chain. "
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