On the 6th of October, BMW announced it would invest in a company by the name Lilac Solutions.
The company had just closed Series B funding, where alongside BMW, some of the investors included SK Materials, Presidio Ventures and MCJ Collective. Per this article, BMW investment was in the amount of no more than $20 million.
To boost lithium production from brine deposits, Lilac has developed a novel ion-exchange technique. Lithium raw materials are in short supply and at high prices for electric car manufacturers, since traditional lithium manufacturing processes are unable to keep up with demand. The business has tested its technology on a range of brines and just completed its first field pilot, setting a new benchmark for process performance and quick deployment.
“The lithium industry must innovate to meet the needs of battery and automotive companies, otherwise the transition to electric vehicles will be delayed. We’re delighted to add strategic partners who deeply understand each facet of lithium supply and support our mission of ramping production.” – said Dave Snydacker, CEO of Lilac Solutions.
BMW, which currently imports lithium from Ganfeng Lithium Co in China and other traditional lithium producers, views Lilac’s technology as a means to expand global lithium output as the EV market grows.
“Innovative technologies lead to better, more sustainable and efficient access to raw materials. By investing in start-ups, we accelerate the development of new technologies, promote competition and set impulses that facilitate market access for young companies. By investing in Lilac Solutions, we are supporting technological progress in the field of lithium extraction, with a focus on responsible and sustainable methods.” – Wolfgang Obermaier, Head of Indirect Goods and Services of the BMW Group
It’s always good to see well-established car brands supporting new companies, like in this example. This aligns with BMW’s mission to achieve at least half of its global sales with fully electric vehicles by 2030. Stay up to date with the latest EV news on our page.