Novalith Technologies, a Sydney, Australia-based creator of a lithium extraction process, raised AU$23M in Series A funding.
The round was led by Lowercarbon Capital, with participation from the Clean Energy Finance Corporation (CEFC), the Grantham Environmental Trusts’ Neglected Climate Opportunities Fund, TDK Ventures and Investible.
The company intends to use the funds to scale up and commercialise its patented LiCAL Technology, including a new pilot facility in Sydney.
Led by Steven Vassiloudis, CEO, Novalith Technologies ia a climate technology company that uses carbon dioxide to simplify lithium chemicals production. Its LiCAL lithium extraction technology uses less equipment, chemical reagents, water and energy than conventional processing, which reduces capital and production costs. The direct use and sequestration of CO2 in producing lithium chemicals also produces a smaller emissions footprint than existing and alternative processes.
FinSMEs
19/04/2023