BMW said on Wednesday it will invest in lithium technology startup Lilac Solutions Inc to support more-efficient ways to produce the electric vehicle battery metal
Lilac Solutions has developed and patented an ion exchange technology that will improve efficiency, costs and sustainability by extracting lithium from brine resources, which are natural deposits of salt water.BMW said on Wednesday it will invest in lithium technology start-up Lilac Solutions Inc to support more-efficient ways to produce the electric vehicle battery metal.
BMW, which already buys lithium from China's Ganfeng Lithium Co and other traditional lithium producers, said it sees Lilac's technology as a way to boost global production of the white metal as demand from the EV market grows. The German car maker is participating in Lilac's Series B funding round alongside SK Materials Co, Sumitomo Corp investment arm Presidio Ventures and others.
Lilac plans to use the funds to construct a US manufacturing facility for ion exchange beads, which are core to its extraction process.
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