- The financing round was led by Lowercarbon Capital.
- Novalith Technologies has pioneered a novel process that remakes hard-rock lithium extraction and refining into a dramatically cheaper, greener and more scalable process.
Sydney based Novalith Technologies has raised AU$23 million in Series A funding with an objective to revolutionise the production of lithium for EV sector from sources. The company claims to be the creator of a novel lithium extraction process that will unlock vast resources and deliver them without the environmental toll of traditional approaches.
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.
Lithium projects require large evaporation ponds that are harmful to the environment, hard to get approved, and yield low product purities. Novalith Technologies has pioneered a novel process that remakes hard-rock lithium extraction and refining into a dramatically cheaper, greener and more scalable process.
Instead of sulfuric acid led lithium extraction that leaves behind huge harmful by-products, Novalith uses carbonated water to extract the lithium directly as battery grade lithium carbonate and leaves a by-product of inert, CO2-infused rock.
Novalith says that its technology cuts process costs, plant costs, and plant footprints by up to 65%, 50%, and 25%, respectively compared to the conventional process. It uses 90% less water than current approaches and promises to supercharge the energy transition by opening mineral resources in new geographies.
When paired with renewable energy sources, the technology opens a path to carbon-negative lithium production, says Novalith.
This funding will enable Novalith to scale up and commercialise its patented LiCAL Technology, including a new pilot facility in Sydney, Australia, which will be used to process numerous lithium resources from around the world and produce lithium carbonate for testing by customers.
“It’s a massive opportunity to be able to disrupt and meaningfully contribute to something as important as electrification & decarbonisation,” said Steven Vassiloudis, founder and CEO of Novalith. “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.”
“Novalith halves the cost of extracting lithium from hard rocks with tech that’s also cleaner and faster, giving us a shot to keep up with exploding demand without turning the whole planet into an open-pit mine,” said Chris Sacca, Managing Partner of Lowercarbon Capital.
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