OAKLAND, Calif., February 12, 2024 — Lilac Solutions, a leader in lithium extraction technology, today announced the close of its Series C with $145 million of proceeds. This bring Lilac’s total capital raised to $315 million. The financing was led by Mercuria, Lowercarbon Capital, and Breakthrough Energy Ventures, with participation from all major shareholders including T. Rowe Price Association, Inc., Engine Ventures, Aventurine, Presidio Ventures (a Sumitomo Corporation Group Company), and BMW i Ventures amongst others, and Lilac welcomes Mitsubishi Corporation as a new investor. The new capital will be used to support Lilac’s ambitious growth plans as the Company ramps up manufacturing capacity of its propriety ion-exchange (IX) material and commercial deployment at projects around the world.

“Lilac’s exceptional team and groundbreaking technology puts them on a clear path to revolutionize the lithium industry” said Brian Falik, CIO of Mercuria. “We are excited to support and partner with Lilac for this next phase of growth.”

The EV industry requires massive lithium supply growth, with annual new volumes at the end of this decade approaching the equivalent of current, total global lithium production. Lithium brine resources hold a large majority of the world’s lithium; however, a lack of scalable extraction technology has hindered their development. Lilac has developed the first modern lithium extraction technology which is capable of meeting high technical and environmental standards, at low cost. Lilac’s technology is based on IX, which is commonly used in metals separation and water treatment. Every IX technology is based on an ion exchange media (IXM) that is selective for certain metals. IX technology has been successfully developed for a wide variety of industrial applications; however, prior to Lilac, there has never been an IXM that is economically viable for lithium production.

“Lilac is unique in offering a DLE technology which eliminates both the evaporation ponds and high freshwater consumption that have historically plagued new lithium brine development.” said Dave Snydacker, CEO of Lilac Solutions. “Our ion exchange process can be deployed across a wide variety of brine chemistries with high recoveries and low costs. The technology has been extensively tested, scaled up, and is ready for commercial deployment at sites around the world.”

IX has long been the “holy grail” for lithium production because of its potential for high recovery, high selectivity, and low freshwater consumption. For decades, companies have tried and failed to develop IX technology for lithium production. Essentially, all these failures were due to a lack of materials durability. To achieve high selectivity for lithium, IXM must be constructed from ceramic materials. However, most ceramics capable of lithium recovery degrade quickly in harsh chemical environments and must be replaced after short service life. Lilac has extended this cycle life to more than 3,000 cycles and counting using patented materials developed in-house. This core innovation around materials durability unlocks the IX category for lithium production for the first time.

“Lilac has completed more than 500,000 hours of testing, extracted lithium from more than 70 brine samples globally, and has scaled the technology out of the lab and successfully completed two field pilots and one demonstration plant, achieving 24/7 operation while validating all performance attributes” said Raef Sully, COO of Lilac Solutions. “With two additional and commissioning and having recently completed mechanical testing of our commercial-scale lithium extraction modules, the technology is ready for delivery to mega scale projects globally.”

Lilac engages with lithium resource developers around the world to support project development and operations. Lilac offers a full-service package for each stage of project development. These offerings cover test work, Front-End Loading (FEL) engineering, on-site piloting, and a turnkey package for commercial production with capabilities including design, build, operation, and supply of IXM.