Oakland, CA; 2/24/20
Amount Funded: $20 Million
Type: Series A
Lead Investor: Breakthrough Energy Ventures
Participating Investor(s): The Engine, Lowercarbon Capital, The Grantham Foundation
Company Description: Lilac Solutions is a mining technology company based in Oakland, California. Lilac has developed a patented ion exchange technology that facilitates production of lithium from abundant brine resources with minimal cost and ultra-low environmental footprint. Lilac’s mission is to increase lithium supplies needed for electric vehicles and renewable energy storage.
What funding will be used for: Expand engineering team, scale production of ion exchange beads, deploy Lilac technology around the world.
“The Lilac team couldn’t be more excited to have this spectacular group of investors support us and our vision to modernize lithium production. With Lilac unlocking significant new supplies of lithium, battery manufacturers are poised for decades of growth as the world transitions to electric vehicles and renewable power.”
-Dave Snydacker, CEO, Founder, Lilac
“While the electrification of vehicles is one of the most promising opportunities to reduce global emissions, today’s limited supplies of battery raw materials like lithium and cobalt challenge this transition. We can’t push for faster EV adoption without the resources to support production. Lilac Solutions’ novel technology can change the supply and demand equation by helping lithium producers extract much larger quantities at a significantly lower cost, and from new sources. This is the type of industrial innovation required to support a transition to EVs at scale.”
-Carmichael Roberts, Breakthrough Energy Ventures
“We are thrilled to support Lilac Solutions in their next phase of development to bring their technology to bear, enabling the expansion of global lithium markets and playing a key role in the transition to a decarbonized future through electrification.”
-Katie Rae, CEO, managing partner, The Engine
Data provided by respective company (unless otherwise noted) and researched by StartupsOne for accuracy.