A mining tech startup spun out of Monash College has raised $27.5 million in a Collection A.
The spherical for ElectraLith was led by CSIRO-backed deep tech VC Predominant Sequence, with present buyers Rio Tinto, IP Group and Monash Uni additionally collaborating together with Chevron Know-how Ventures, Hostplus, Fathom Fund Vista Power, Marathon Petroleum, CIA-backed US VC In-Q-Tel and the Victorian authorities fund Breakthrough Victoria chipping in $2 million.
ElectraLith is remodeling lithium extraction, a key element in lithium-ion batteries for renewable power storage utilizing Direct Lithium Extraction (DLE). The onerous conventional technique makes use of onerous rock mining evaporation and chemical therapy taking between months and years to get to industrial manufacturing.
Evaporation ponds require as much as 2.2 million litres of water to provide a ton of lithium over greater than 18 months, which the mining course of is carbon intensive and may trigger chemical contamination.
The startup has commercialised a lithium-ion selective electro-membrane expertise developed at Monash for simultaneous extraction and refining, with out utilizing water or chemical compounds that may run on renewable energy.
Standard lithium extraction v the ElectraLith course of. Supply: ElectraLith
The worldwide lithium market is projected to develop by practically 50% within the subsequent two years to $37 billion by 2027.
ElectraLith, which was chosen as one of many startups to participate within the Cicada x Tech23 program in 2023, launched in mid-2022, spinning out of Monash after elevating $2.25 million in a Seed spherical backed by Rio Tinto and college analysis commercialisation specialist IP Group Australia.
Its DLE-R (refining) course of produces lithium hydroxide in a single-step, modular and scalable system that may be utilized to any lithium supply together with brines, geothermal, oil area, recycled materials and spodumene deposits.
The Collection A will fund plans for 3 DLE-R pilot crops within the subsequent 24 months, CEO Charlie McGill stated to create “the cleanest, most versatile and most cost-efficient method to extract and refine lithium”.
Breakthrough Victoria Appearing-CEO Lauren Morrey stated: “ElectraLith gives the following technology of lithium extraction and refining expertise, unlocking the potential of a greener future.”
