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Electralith Raises A$27.5m in Materially Oversubscribed Series A Funding Round
15 Jan 2025
World-class investor syndicate comprises IP Group, Hostplus, Rio Tinto, Chevron Technology Ventures, Fathom Fund, Breakthrough Victoria, Vista Energy, Marathon Petroleum, In-Q-Tel and Monash University
Round led by Australian deep tech investment fund Main Sequence
Funds to rapidly advance DLE-R as the cleanest, most versatile and most cost-efficient method to extract and refine lithium
16 January 2025
Melbourne-based ElectraLith Pty Ltd (“ElectraLith”) today announced the close of an $A27.5m Series A capital raise from a world-class investor syndicate comprising IP Group, Hostplus, Rio Tinto, Chevron Technology Ventures, Fathom Fund, Breakthrough Victoria, Vista Energy, Marathon Petroleum, In-Q-Tel and Monash University.
The materially oversubscribed funding round was led by Australian deep tech investment fund Main Sequence.
ElectraLith CEO Charlie McGill said: “The Series A funds will enable DLE-R’s rapid development into what we believe will be the the cleanest, most versatile and most cost-efficient method to extract and refine lithium. The quality, breadth and scope of the Series A investor syndicate provides the strongest signal yet of DLE-R’s full potential. This includes four blue-chip strategic investors, three globally recognized venture capital firms, one of Australia’s largest superannuation funds, Breakthrough Victoria, and In-Q-Tel (IQT), the not-for-profit strategic investor for the US national security community and America’s allies.”
The Series A funds will support the development and installation of ElectraLith’s first field-deployed pilot plant which will be capable of producing battery-grade lithium hydroxide on site without requiring the use of water or chemicals.
ElectraLith’s Series A follows its announcement in August 2024 that it had produced battery grade lithium hydroxide from salar brines, geothermal oilfield brines and spodumene leach using no water or chemicals and minimal energy.
Rio Tinto Chief Advisor for Battery Minerals and ElectraLith Non-Executive Director Travis Baroni said: “Rio Tinto continues to see the potential of ElectraLith's DLE-R technology to significantly reduce the economic cost and environmental impact of lithium production and we’re looking forward to trialling ElectraLith’s first DLE-R pilot in the near future”
“The technology developed by ElectraLith has the potential to reduce the cost, energy, waste and water intensity of direct lithium extraction (DLE) and refining, which could provide an attractive alternative to incumbent technologies” said Jim Gable, Vice President of Innovation within Chevron’s Technical Center and President of Technology Ventures at Chevron. “This is the latest investment from our $300 million Future Energy Fund II, which focuses on industrial decarbonization, emerging mobility, energy decentralization, and the growing circular economy. We welcome ElectraLith to the portfolio.”
IQT Investor Olivia Jones commented “IQT is excited to support ElectraLith in advancing DLE technology. With potential to unlock otherwise unviable resources and to bring refining closer to the source, DLE-R has strategic implications for both extracting and processing critical minerals.”
Main Sequence Investment Manager Jun Qu noted that ElectraLith is paving the way to a sustainable future by revolutionizing lithium extraction and refining. “We’re impressed by ElectraLith’s groundbreaking technology, which eliminates the need for water and chemicals and can operate entirely on renewable energy. Traditional lithium extraction is creating an unsustainable burden for our planet. ElectraLith’s solution is not only far more sustainable, but also has the potential to disrupt the cost curve for lithium production. We are excited to support the ElectraLith team and are eager to see the transformative impact they will have on the lithium supply chain,” concluded Qu.
Media information
Craig Regan, Primary Communication
+61 408 448 427
About ElectraLith
ElectraLith is unlocking a green future with the cleanest, most versatile and most cost-efficient method of extracting and refining lithium, the fundamental element of a sustainable future. ElectraLith’s cutting-edge DLE-R technology revolutionizes the DLE and refining industries by extracting and producing battery-grade lithium carbonate or lithium hydroxide in a single, scalable and modular step. As opposed to other DLE processes, DLE-R fully eliminates the need for water and chemicals and can run entirely on renewable energy. With offices in the US, ElectraLith is based in Melbourne, Australia.
About Main Sequence Ventures
Main Sequence is tackling the world’s biggest challenges by turning today’s scientific discoveries into tomorrow’s industries. Main Sequence was founded by CSIRO in Australia in 2017. It now has $1Bn funds under management to help build and invest in companies that are solving our greatest planetary challenges.
About IP Group
IP Group develops world-changing science and technology businesses across life sciences, technology and cleantech. The Group has a strong track record of success, having been the founder investor in a number of high-profile companies including Oxford Nanopore Technologies plc. In Australia and New Zealand, IP Group works in close partnership with the Go8 Universities and the University of Auckland to identify ground-breaking technologies rooted in hard science, which have the most promising commercial potential. IP Group is listed on the Main Market of the London Stock Exchange under the code IPO.
About Hostplus
Hostplus is one of the largest industry super funds in Australia serving more than 1.8 million members and managing over $120 billion in funds under management. Hostplus continues to evolve and grow as the lifetime fund of choice for Australians and employers from a broad range of backgrounds and industries.
About Rio Tinto
Founded in 1873, Rio Tinto is a leading global mining and metals company dedicated to discovering, mining, and processing the Earth’s mineral resources. Rio Tinto’s diverse portfolio includes lithium, aluminium, copper, diamonds, gold, industrial minerals, iron ore, and uranium. Rio Tinto operates under a dual listed companies (DLC) structure and is listed as Rio Tinto Limited on the Australian Stock Exchange (ASX) and as Rio Tinto PLC on the London Stock Exchange
About Chevron Technology Ventures
Chevron Technology Ventures (CTV) identifies and invests in externally developed technologies and new business solutions with the potential to enhance the way Chevron produces and delivers affordable, reliable, and ever-cleaner energy. CTV has 25 years of experience being the primary on-ramp for external innovation into Chevron.
About Fathom Fund
Fathom Fund is a Houston-based deep tech venture capital Firm focused on backing early-stage research-based companies in the Physical Sciences, including relating to energy transition, aerospace and defense, new materials and manufacturing and advanced computation. We combine deep technical understanding, strong network to industry, innovators and investors, and business growth experience to be a valued partner to deep tech founders.
About Breakthrough Victoria
Breakthrough Victoria was launched three years ago to be a private investment company for Victoria, providing patient capital and investment that impacts the State’s economy. BV provides long-term capital to innovation businesses that will improve people’s lives and benefit Victoria’s economy.
About Vista Energy
Vista (NYSE:VIST) is an independent energy company that plays a leading role in the energy evolution, with the goal of becoming a reliable, low-carbon energy provider. It develops high-quality, low-cost shale oil assets in Vaca Muerta, Argentina. Through VX Ventures - its early-stage corporate venture capital unit - it has made 20 investments since the fund's inception in 2021. VX invests across five impactful verticals to decarbonize and transform the natural resources landscape: low carbon O&G, carbon removals, new energy technologies, electrification and circular economy.
About In-Q-Tel
In-Q-Tel (IQT) is the not-for-profit strategic investor the U.S. national security community and America’s allies have relied upon for 25+ years to anticipate their technology questions and needs and achieve solutions. IQT identifies, evaluates, and leverages emerging commercial technologies to deliver best-in-class capabilities, insights, and other services to government partners through a unique global investment platform.
About Monash University
Monash University is a modern, global, research-intensive university delivering education and research excellence in Australia and across the Indo-Pacific. Our enterprise and innovation ecosystem facilitates and nurtures collaboration between researchers, infrastructure and industry to drive the translation of ground-breaking research into commercial opportunities that deliver a positive impact to our world. Monash is one of Australia's most prestigious universities and was ranked 37th in the 2022-23 US News & World Report Best Global Universities.