ElectraLith secures funding to advance lithium extraction technology
- ElectraLith is about to secure A$29 million in funding to develop its filtration technology.
- The company's technique can extract lithium from brine without using water or chemicals, targeting water-scarce areas.
- This innovative approach positions ElectraLith competitively in a growing lithium extraction market.
In Australia, ElectraLith, a lithium technology startup, is nearing the completion of a funding round that will secure A$29 million ($19 million). This comes as the global lithium market faces challenges, yet the company has attracted an oversubscribed investor base, according to its CEO Charlie McGill. The startup is focused on a unique filtration technology designed to extract lithium from brine deposits without the use of water or chemicals, making it particularly beneficial for arid regions such as Chile's Atacama Desert. ElectraLith plans to use this funding to construct its first pilot plant at Rio Tinto's Rincon operations in Argentina, aiming to be operational within a year, with two additional pilot plants planned thereafter. This process aims to significantly reduce production costs and water usage compared to conventional methods. Within a competitive industry, ElectraLith's innovative approach is set to shake up lithium production, alongside other companies vying to commercialize direct lithium extraction technologies, forecasting a market growth exceeding $10 billion annually in the coming decade.