The Engine has reinvested in Lilac Solutions, a lithium extraction technology developer building on research at Northwestern University.
Lilac Solutions, a US-based lithium mining technology producer exploiting research at Northwestern University, picked up $150m in a series B round featuring The Engine, the incubator and venture fund backed by Massachusetts Institute of Technology and Harvard University, yesterday.
Lowercarbon Capital co-led the round with funds and accounts advised by T Rowe Price Associates, while commodity trading firm Mercuria Energy Trading, Valor Equity Partners and Breakthrough Energy Ventures also participated.
Lilac Solutions has created an ion exchange technology that makes the extraction of lithium from brine resources – naturally occurring sources of saltwater – more efficient than current methods.
The brine can be returned underground once the lithium has been extracted, minimising the environmental impact.
Lilac was co-founded by chief executive David Snydacker in 2016 following his PhD studies in the Wolverton Research Group at Northwestern University.
The series B capital has been allocated to…
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
