SYDNEY, Oct. 25, 2021 /PRNewswire/ -- Novalith Technologies Pty Ltd ("Novalith"), an Australian climate technology company targeting the global lithium market, has successfully raised AU$2.5 million in a seed funding round.
Novalith is set to accelerate the development of its Australian-made lithium extraction and refining technology to provide a low carbon, sustainable approach to lithium production. Their technology aims to substantially reduce production costs, improve sustainability outcomes, and ultimately revolutionise the global battery supply chain.
The funding will allow Novalith to finance the build-out and operation of a pilot plant in Sydney, as it moves toward the development of a commercial demonstration plant.
Lithium is a key component of rechargeable batteries, used to electrify transport and decarbonise energy markets. Global battery uptake is expected to grow at least nine-fold over the next decade as the world increases its use of renewable energy. The flow on demand for lithium has focused attention on the sustainability of lithium mining and production methods. Conventional methods for mining and refining lithium can be environmentally challenging, with substantial carbon and reagent footprints. The extraction of lithium from salt-lake brine also produces significant land and water footprints.
The Novalith LiCAL™ technology transforms this production process, drawing on intellectual property developed by chemical engineer Professor Brian Haynes, Emeritus Professor at the University of Sydney.
Novalith's unique process for extracting lithium sequesters carbon dioxide thereby reducing emissions, eliminates the need for conventionally consumed chemicals and minimises waste footprints. The Novalith approach also negates the need for extensive offshore processing, enabling Australian-produced lithium ore to be processed closer to mine site, further strengthening the sustainability of the supply chain.
With most hard rock lithium produced in Australia exported for processing, there is significant potential for Australia to add value to its minerals sector by developing its own lithium processing and refining industry. Analysis suggests a diversified battery industry using onshore materials processing could create more than 34,000 jobs and increase the value of the Australian battery industry by $7.4 billion by 2030.
CEFC CEO Ian Learmonth said: "The Novalith technology has the potential to change the nature of lithium production, offering an exciting opportunity for Australia to become a major processing, manufacturing and trading hub for lithium resources.
"Large batteries will play a transformative role in our energy future, enabling Australia to maximise the benefits of our abundant renewable resources and accelerate our transition to a low emissions economy.
"As the largest lithium miner in the world, it is vital that we secure critical mineral supply chains to develop sovereign capability for the industry and to be more competitive globally. By investing in this ground-breaking Novalith technology, we are backing the development of a competitive sustainable business of the future."
Novalith Founder and CEO Steven Vassiloudis said: "Demand for lithium continues to grow as the world advances its transition to renewable energy to reduce emissions. Novalith can be an important part of sustainable supply solutions, as well as help resource owners process lithium onshore, localising critical battery materials supply chains.
"The future of lithium mining and refining will require the elimination of carbon-intensive energy sources, and ideally turn carbon waste into carbon value. This is what we are working towards. Novalith's technology uses significantly less equipment, chemical reagents, water and energy than conventional processing, which reduces capital and production costs. The direct use and sequestration of CO2 in producing lithium chemicals also produces a much smaller emissions footprint."
Clean Energy Innovation Fund Executive Director Ben Gust added: "Ongoing demand for low-footprint lithium is likely to strengthen as regulators and markets transition to more sustainable supply chains. Novalith has built an impressive team with relevant commercial and technical backgrounds. The company has also outlined an exciting strategy to scale quickly as the demand for lithium continues to escalate."
The three co-founders of Novalith have deep industry expertise. Mr Vassiloudis, a director of international chemical engineering and process plant provider Kemplant, is a chemical engineer with extensive process scale up and pilot plant experience. Co-founder and Chief Technology Officer Dr Andrew Harris is a professor of chemical engineering at the University of Sydney and has extensive experience in commercialising and scaling up novel process technologies. Co-founder and Chief Business Development Officer Christiaan Jordaan also founded Sicona Battery Technologies and has an extensive network of contacts in the battery materials and supply industries.
The Novalith Advisory Board includes Dr David Deak, President of Marbex LLC and the former Chief Technology Officer of Lithium Americas Corp. Dr Deak was also part of Tesla's founding Gigafactory team. Professor Haynes is also a member of the Novalith Advisory Board.
Novalith Technologies is a Sydney, Australia based climate technology company that uses carbon dioxide to simplify lithium chemicals production.
We are motivated by our belief that the future of lithium mining and refining will require the elimination of carbon-intensive energy sources, and ideally turn carbon waste into carbon value.
Novalith's LiCALTM lithium extraction technology uses significantly less equipment, chemical reagents, water and energy than conventional processing, which reduces capital and production costs. The direct use and sequestration of CO2 in producing lithium chemicals also produces a much smaller emissions footprint than existing and alternative processes.
About the CEFC
The CEFC has a unique purpose – to lead investment in Australia's transition to a low emissions economy. It invests to lead the market, operating with commercial rigour to address some of Australia's toughest emissions challenges. This includes working with co-investors across renewable energy generation and energy storage, as well as agriculture, infrastructure, property, transport and waste. Through the Advancing Hydrogen Fund, it is supporting the growth of a clean, innovative, safe and competitive hydrogen industry. And as Australia's largest dedicated cleantech investor, it continues to back cleantech entrepreneurs through the Clean Energy Innovation Fund. With $10 billion to invest on behalf of the Australian Government, the CEFC works to deliver a positive return for taxpayers across its portfolio.
About Neglected Climate Opportunities LLC
Neglected Climate Opportunities LLC is a wholly owned subsidiary of the Jeremy and Hannelore Grantham Foundation and the Grantham Trust's environmental venture capital vehicle.
We invest to redesign our energy systems, to improve soil health, to spare the ocean from acidification, to directly recapture carbon from the atmosphere – and more. We believe that innovation and technology are the best hope for an enduring future.
The Grantham Foundation for the Protection of the Environment was established in 1997 by Jeremy and Hannelore Grantham.