Venture capital firm Pacific Channel invests $7.5 million to develop early stage technology to recover lithium from geothermal fluid.
A company hoping to mine geothermal waste for use in making electric vehicle batteries has received a cash injection to allow it to fast track its plans.
Geo40 has secured $7.5 million in equity investment from venture capital firm Pacific Channel to help it develop early stage technology to recover lithium from geothermal fluid.
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The corporate stated it meant to produce the low carbon mineral to the electrical automobile battery market.
“Pacific Channel’s funding now permits the corporate to speed up its pilot plant plans and exhibit that its not too long ago developed lithium restoration methodology is able to economically extracting lithium from geothermal and different subsurface fluids in an environmentally sustainable method,” chief government and managing director John Value stated.
The corporate stated world demand for lithium was forecast to extend in keeping with an increase in electrical automobile rise, as governments look to mandate their use.
“The know-how developed by Geo40 is really progressive and could have significant environmental advantages, ” stated Pacific Channel Companion, Kieran Jina.
“That is Pacific Channel’s largest funding thus far, and we’re thrilled to be offering the corporate with the capital required to speed up its progress into the quickly increasing lithium restoration and provide market.”
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Geo40 is already utilizing know-how to extract one other mineral – silica – from geothermal waste and final yr commissioned a brand new $22m plant at Ohaaki for that objective.
Value stated the corporate supplied a sustainable and economically viable various for the extraction of minerals.
“Geo40 is positioning itself to have a major influence on the worldwide transfer to a extra environmentally sustainable future with its speciality silica merchandise utilized in numerous nano-technology purposes, lithium for the quickly rising electrical battery market, in addition to different components, equivalent to caesium and boron, the R&D work for which has already begun,” he stated.