Trending 4 months, 2 weeks ago

backed lithium tech startup set to raise second round of funds

By Melanie Burton MELBOURNE, Nov 25 - A lithium technology startup backed by Rio Tinto expects to finalise a funding round in the next week to raise A$29 million, even as the global lithium market struggles, its Melbourne-based CEO told Reuters. ElectraLith is developing a filtration technology that can extract lithium from brine deposits without using water or chemicals, which would be key in arid areas like Chile's Atacama desert, and needs only small amounts of energy. ElectraLith's DLE-R process, for which the company holds commercialisation rights, filters brine through two membranes that extract lithium and turn it into lithium hydroxide, before injecting the remaining brine back into the aquifer. By producing lithium hydroxide without water or chemicals, ElectraLith says it can compete at around half the cost of rivals, McGill said.

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