Novalith raises $2.5m seed funding to launch its clean lithium extraction technology
Summary
Novaliths unique process for extracting lithium sequesters carbon dioxide thereby reducing emissions, eliminates the need for conventionally consumed chemicals and minimises waste footprints. "Large batteries will play a transformative role in our energy future, enabling Australia to maximise the benefits of our abundant renewable resources and accelerate our transition to a low emissions economy. Novalith Founder and CEO Steven Vassiloudis said: "Demand for lithium continues to grow as the world advances its transition to renewable energy to reduce emissions. Clean Energy Innovation Fund Executive Director Ben Gust added: "Ongoing demand for low-footprint lithium is likely to strengthen as regulators and markets transition to more sustainable supply chains. Novaliths LiCALTM lithium extraction technology uses significantly less equipment, chemical reagents, water and energy than conventional processing, which reduces capital and production costs.