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 Major Sequence, with current traders Rio Tinto, IP Group and Monash Uni additionally taking part together with Chevron Expertise 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 vitality storage utilizing Direct Lithium Extraction (DLE). The onerous conventional technique makes use of exhausting rock mining evaporation and chemical remedy taking between months and years to get to industrial manufacturing.
Evaporation ponds require as much as 2.2 million litres of water to supply a ton of lithium over greater than 18 months, which the mining course of is carbon intensive and might trigger chemical contamination.
The startup has commercialised a lithium-ion selective electro-membrane know-how developed at Monash for simultaneous extraction and refining, with out utilizing water or chemical compounds that may run on renewable energy.
Typical lithium extraction v the ElectraLith course of. Supply: ElectraLith
The worldwide lithium market is projected to develop by almost 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 subject, 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 mentioned to create “the cleanest, most versatile and most cost-efficient technique to extract and refine lithium”.
Breakthrough Victoria Performing-CEO Lauren Morrey mentioned: “ElectraLith affords the subsequent technology of lithium extraction and refining know-how, unlocking the potential of a greener future.”
