Element3, a Fort Worth, TX-based material extraction company specializing in oil and gas wastewater, raised an undisclosed amount in Seed funding.
The round saw participation from EIC Rose Rock.
The company intends to use the funds to accelerate the development and testing of its patent-pending Direct Lithium Extraction (“DLE”) technology, and plans to deploy this technology in field operations by early 2024.
Led by CEO and Founder Hood Whitson, Element3 focuses on the extraction of lithium and other critical materials from oil and gas wastewater. It harnesses this underutilized resource to create a secure, environmentally stable, domestic supply of materials required for the energy transition and advanced manufacturing.
Commenting upon the news, Hood Whitson said: “This strategic funding underscores a collective recognition of the ever-evolving energy landscape and the commitment of forward-thinking investors to embrace a sustainable future. We are excited and grateful for this transformative partnership with our investors.”
FinSMEs
28/12/2023