Novalith Raises $2.5m in Seed Funding for its Lithium Extraction Technology

Novalith Technologies Pty Ltd, 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 CEFC, through the Clean Energy Innovation Fund, has made a $1.5 million investment in Novalith's $2.5 million seed round, which also drew support from the US-based venture capital investor, The Jeremy and Hannelore Grantham Environmental Trust's Neglected Climate Opportunities LLC.

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 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.