US climate VC leads round for Australia lithium player
Lowercarbon Capital, a US-based VC firm specialising in climate, has led a AUD 23m (USD 15.5m) Series A round for Australian lithium production services company Novalith Technologies.
Clean Energy Finance Corporation (CEFC), the Grantham Environmental Trust’s Neglected Climate Opportunities Fund, TDK Ventures, and Investible also participated. CEFC and Neglected Climate provided USD 2.5m in seed funding in 2021, according to AVCJ Research.
Novalith explains its technology as using carbon dioxide to simplify lithium chemicals production. This includes a purportedly cleaner approach to the environmentally taxing process of lithium minerals extraction, as well as systems for the use and sequestration of carbon dioxide associated with lithium chemicals production.
The company claims it can cut process costs, plant costs, and plant footprints by up to 65%, 50%, and 25%, respectively compared to the conventional process. It uses 90% less water than conventional approaches and promises to accelerate energy transition by opening mineral resources in new geographies.
“Australia ranks amongst the largest lithium producers in the world, and it’s clear the world will need more lithium than it has now,” CEFC CEO Ian Learmonth said in a statement. “Novalith’s ambitious technology is changing lithium production to make it greener and more cost effective to power the batteries we need for the storage and electric vehicles that are transforming our energy future.”
More on Australasia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.