Monash University spinout Electralith has secured $27.5 million in Series A funding to advance its pilot plant for producing a key lithium battery component. The investment round attracted both local and international deep-tech funds, along with institutional investors.
Electralith’s innovative membrane technology allows for the extraction of lithium from various non-ore sources, enabling the production of battery-grade lithium hydroxide with less energy, and without the need for water or chemicals, compared to traditional methods.
The funding round, announced on Thursday, was led by Main Sequence, with support from California-based In-Q-Tel, Breakthrough Victoria, Chevron Technology Ventures, Fathom Fund, Vista Energy, and Marathon Petroleum. The oversubscribed round also saw continued investment from Rio Tinto, IP Group, and Monash University, which originally seeded the company in 2022.
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