Sydney, Australia-based creator of a lithium extraction process, Novalith Technologies, raised AU$ 23 million in Series A funding. The round took place on April 19, 2023. Lowercarbon Capital led the financing for the company.
Meanwhile, Clean Energy Finance Corporation (CEFC), the Grantham Environmental Trusts’ Neglected Climate Opportunities Fund, TDK Ventures and Investible joined in the financing.
Purpose of financing for Novalith Technologies
With the latest proceeds from the funding, the company intends to scale its operations. It also has plans to commercialise its patented LiCAL™ Technology, including a new pilot facility in Sydney, Australia.
What the company’s founder has to say
Steven Vassiloudis, founder and CEO of Novalith, said, “It’s a massive opportunity to be able to disrupt and meaningfully contribute to something as important as electrification & decarbonisation. We are very grateful to have the support of a strong group of mission-aligned investors who understand the urgency and significance of what we’re aiming to achieve. Our technology has the potential to significantly decarbonise the lithium supply chain as well as unlock new lithium ore reserves and opportunities, providing low-cost and environmentally sustainable lithium to a world that is rapidly racing towards an electric future.”
What the investors have to add
Chris Sacca, Managing Partner of Lowercarbon Capital, further said, “Novalith halves the cost of extracting lithium from hard rocks with tech that’s also cleaner and faster, giving us a shot to keep up with exploding demand without turning the whole planet into an open-pit mine.”
In addition, CEFC CEO Ian Learmonth said: “Australia ranks amongst the largest lithium producers in the world, and it’s clear the world will need more lithium than it has now. Novalith’s ambitious technology is changing lithium production to make it greener and more cost-effective to power the batteries we need for the storage and electric vehicles that are transforming our energy future.”
Besides Managing Partner Virescent Ventures, Kristin Vaughan said, “By investing in innovative Australian companies like Novalith, the CEFC is backing the development of a sustainable potential on-shore solution for lithium production and helping to strengthen the sustainability of supply-chain in Australia.”
Anil Achyuta, TDK Ventures’ Managing Director, said, “Novalith’s innovative technology not only allows faster access to Lithium for meeting our rapid electrification ambitions, but it also does so by converting CO2 to valuable battery material, hence drastically reducing the overall CO2 footprint of the process.”
About the company
In 2020, Founders Andrew Harris, Christiaan Jordaan and Steven Vassiloudis launched the company. The company raised its seed round earlier in August 2021.
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