BMW provide financial support for Lilac lithium extraction
As one of the early adopters of electric vehicle development, BMW Group has a vested interest in the production of lithium. The company—along with a few others—expressed its interest in a new US-based start-up in the lithium production space, Lilac Solutions.
Lilac Solutions has developed an innovative technology that increases the production of lithium from brine. With electric vehicle manufacturers facing high demands and high prices for lithium, the need to produce more has led to Lilac’s new extraction solution. Lilac has recently completed its first field pilot after testing the technology on various different brines, setting a precedent for fast lithium processing.
‘The lithium industry must innovate to meet the needs of battery and automotive companies, otherwise, the transition to electric vehicles will be delayed’, says Dave Snydacker, Chief Executive Officer of Lilac Solutions. ‘We’re delighted to add strategic partners who deeply understand each facet of lithium supply and support our mission of ramping production’.
Eliminate barriers to lithium production
So far, mining companies have struggled to increase their lithium outputs due to the lack of cost-effective technology. Lilac’s new lithium extraction technology is deployed much faster and provides better financial returns. According to Doug Kuribayashi, Chief Executive Officer of Presidio Ventures—another investor in the new technology, there is a lot of excitement surrounding this new extraction method.
‘We’re excited to contribute to the sustainable expansion of the world’s lithium supply through our investment. We believe that the Sumitomo Corporation’s expertise and long experience in the management and operations of mining businesses, and our global network in trading raw materials for battery production, will add value [to the] enhancement of Lilac Solutions in the future’.
Wolfgang Obermaier, Senior Vice President of indirect goods and services, raw materials, production partners at the BMW Group, also says, ‘by investing in Lilac Solutions, we are supporting technological progress in the field of lithium extraction, with a focus on responsible and sustainable methods’.
The success of the funding round brought in much-needed financial support to develop lithium extraction methods further, supporting the growing demand for lithium in the future.
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