BMW invests in lithium expertise startup Lilac Options By Reuters

By Ernest Scheyder

(Reuters) – BMW stated on Wednesday it is going to put money into lithium expertise startup Lilac Options Inc to help more-efficient methods to provide the electrical car battery metallic.

Privately-held Lilac is a part of a rising variety of expertise builders in search of to extract lithium from saltwater brines sooner, cheaper and with much less water than evaporation ponds, which have lengthy been the business commonplace.

BMW, which already buys lithium from China’s Ganfeng Lithium Co and different conventional lithium producers, stated it sees Lilac’s expertise as a strategy to enhance world manufacturing of the white metallic as demand grows from the EV market.

“This holds the promise of changing into a brand new extraction expertise that enables entry to extra inexperienced lithium,” stated Kasper Sage of BMW i Ventures, BMW’s enterprise capital fund.

The German automaker is taking part in Lilac’s Collection B funding spherical alongside SK Supplies Co, Sumitomo Corp funding arm Presidio Ventures and others.

BMW declined to debate its funding quantity, although the overall from all traders introduced on Wednesday was lower than $20 million, in accordance with regulatory filings. T. Rowe Value and others have been a part of an preliminary $130 million funding spherical for Lilac’s Collection B introduced final month.

Lilac plans to make use of the funds to assemble a U.S. manufacturing facility for ion trade beads, that are core to its extraction course of.

The corporate final month agreed to make use of its expertise https://www.reuters.com/enterprise/sustainable-business/australias-lake-resources-teams-up-with-clean-tech-firm-lilac-develop-argentina-2021-09-21 to develop a lithium venture in Argentina with Lake Assets NL.

“Lilac has centered on proving our expertise is dependable and scalable. And that is been resonating with members of the availability chain,” stated Dave Snydacker, Lilac’s chief government.

Lilac’s friends embrace privately held EnergySource Minerals LLC and Vitality Exploration Applied sciences Inc, in addition to Vulcan Vitality Assets Ltd, Normal Lithium Ltd and E3 Metals Corp.