Lithium extraction technology company Lilac Solutions,  announced earlier this month the final close of its $150 million Series B financing. New investors in the round include SK Materials, BMW i Ventures, Presidio Ventures (a Sumitomo Corporation Group Company), MCJ Collective, and Earthshot Ventures.

Lilac has developed a new ion exchange technology to increase production of lithium from brine resources. Electric vehicle producers are facing high prices and shortages for lithium raw materials as conventional technologies for lithium production fail to keep pace with demand.

The company has proven its technology on a variety of brines and recently completed its first field pilot, setting a new standard for rapid deployment and process performance. Lilac will use the funds to ramp production of the company’s unique ion exchange beads, expand its teams of engineers and field operators, and deploy the technology globally.

“The lithium industry must innovate to meet the needs of battery and automotive companies, otherwise the transition to electric vehicles will be delayed,” said Dave Snydacker, CEO of Lilac Solutions. “We’re delighted to add strategic partners who deeply understand each facet of lithium supply and support our mission of ramping production.”

Most of the world’s lithium is contained in brine resources – naturally occurring deposits of salt water. These brines are abundant, but resource developers have struggled to bring projects into production due to a lack of cost-effective technology. Lilac’s lithium extraction technology is significantly faster to deploy and more effective than conventional processes and offers better financial returns. The technology allows brine to be returned back underground following lithium recovery; this minimizes environmental impact compared to existing lithium production methods based on evaporation ponds.

Mr. Doug Kuribayashi, CEO of Presidio Ventures, a Sumitomo Corporation Group company, added, “We’re excited to contribute to the sustainable expansion of the world’s lithium supply through our investment. We believe that the Sumitomo Corporation’s expertise and long experience in the management and operations of mining businesses, and our global network in trading raw materials for battery production, will add value enhancement of Lilac Solutions in the future.”

Wolfgang Obermaier, Senior Vice President indirect goods and services, raw materials, production partners at the BMW Group, said “By investing in Lilac Solutions, we are supporting technological progress in the field of lithium extraction, with a focus on responsible and sustainable methods.”

As automakers shift to battery power, concerns about national security, sustainability, and human rights have led to increased scrutiny of the lithium supply chain globally. Lilac is partnering with lithium brine resource developers to ramp production while protecting local communities and ecosystems.