Novalith Technologies, the creator of a novel lithium extraction process that uses carbonated water in place of sulphuric acid, has raised $23 million in Series A funding to scale up and commercialise its lithium production.
Led by Lowercarbon Capital, the round includes participation from the Clean Energy Finance Corporation (CEFC), the Grantham Environmental Trusts’ Neglected Climate Opportunities Fund, TDK Ventures, and Investible.
In order to accelerate the coming of the lithium century, Sydney-based Novalith said it has put together a team of top scientists, engineers, and fossil fuel refugees under the direction of Steven Vassiloudis, a seasoned businessman and chemical engineer and the founder and CEO of Novalith.
The lithium extraction startup said the funding will allow the development and commercialisation of its proprietary LiCALTM Technology, including the establishment of a new pilot facility in Sydney, Australia, to process diverse lithium deposits from across the world and manufacture lithium carbonate for customer testing.
Vassiloudis pointed out that being able to disrupt and significantly contribute to something as essential as electrification and decarbonisation is a huge opportunity.
“We are very grateful to have the support of a strong group of mission-aligned investors who understand the urgency and significance of what we’re aiming to achieve,” the CEO said.
He continued, “Our technology has the potential to significantly decarbonise the lithium supply chain as well as unlock new lithium ore reserves and opportunities, providing low-cost and environmentally sustainable lithium to a world that is rapidly racing towards an electric future.”
Chris Sacca, managing partner of Lowercarbon Capital, stated that with technology that is also cleaner and faster, Novalith halves the cost of extracting lithium from hard rocks,so we can keep up with exploding demand without turning the entire planet into an open-pit mine.
Meanwhile, CEFC CEO Ian Learmonth said Novalith’s innovative technology is redefining lithium production to make it more environmentally friendly and cost-effective for powering the batteries required for the storage and electric vehicles that are transforming our energy future.
Since obtaining seed investment in August 2021, Novalith has completed the construction of its research and development facility in Sydney, Australia.
The research hub showcases the efficacy of its proprietary process on a variety of regional and international ore deposits and lay the foundation for future sustainable and carbon-negative lithium production.
