Lilac Solutions

History

2020: Attraction of $20 million investments, including from Bill Gates

In the middle of February, 2020 it became known that the Breakthrough Energy Ventures fund headed by Bill Gates became the main investor of the mining technology company Lilac Solutions which aims to optimize extraction of lithium and to provide environment protection. Within financing of series A the company received $20 million.

Li-ion cells for electric vehicles are in demand more and more. It is the growing market in which by 2030 sales volume can grow to 44 million electric vehicles a year. Now the method of extraction of lithium consists in pumping of underground deposits of a salt water on a surface. Then this mix is left in big salt ponds and allowed water to evaporate.

Breakthrough Energy Ventures headed by Bill Gates became the main investor of the mining technology company Lilac Solutions which aims to optimize extraction of lithium and to provide environment protection

Remaining balance processes and filters to extract lithium. According to Lilac Solutions, such method allows to extract only 40% of lithium, but also, uses a large amount of water, and is frequent in the countries which already have its deficiency. On each ton of the lithium extracted from a brine about 70,000 liters of sweet water are required.

Lilac Solutions considers that the available processes of extraction of lithium are inefficient, expensive and cannot provide the volumes necessary for future electric vehicles. The company works on commercialization of new ion-exchange technology which is faster, cheap and scalable method of extraction of lithium minimum loss of water.

The main financing of the company was provided by Breakthrough Energy Ventures fund and a number of private investors which provide investments to the companies with the innovative solutions for overcoming climatic crisis. Other investors ready to support environment protection, including MIT's The Engine Fund and Lowercarbon Capital also participate in this round of financing.^[1]

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