The Investment Solidifies ILiAD's Leading Role
in Global DLE Deployment
SAN
DIEGO, July 31, 2024 /PRNewswire/ -- ILiAD
Technologies, LLC, a subsidiary of EnergySource Minerals (ESM),
today announced the successful close of their funding round with a
significant investment from global technology company SLB (NYSE:
SLB). This investment unlocks funding to build upon the
technological advantages of the ILiAD direct lithium extraction
(DLE) technology platform and expands its reach for deployment at
lithium production sites across the world.
This announcement comes after the initial investment of Arcadium
Lithium (NYSE: ALTM, ASX: LTM), formerly Livent Corporation,
through which Arcadium acquired a minority stake in the parent
company of ILiAD Technologies (a subsidiary of ESM) and the right
to deploy the ILiAD platform at its brine resources in Argentina and across its portfolio.
SLB's investment cements ILiAD's premiere status as a leading
DLE technology platform that will play a critical role in
sustainably producing lithium to drive the energy transition,
especially for electric vehicles (EVs). SLB has integrated ILiAD
technology into its sustainable lithium production solution, which
is currently undergoing technical trials. SLB plans to use ILiAD
technology as part of its commercial offering for sustainably
producing lithium from brine at scale to meet the demand for
high-quality lithium products that support the electrification
economy.
"This investment marks another important step for ILiAD
Technologies and our ability to bring our DLE technology to the
world," said Samuel Moore, CEO,
ILiAD Technologies. "It is recognition from a longstanding and
successful industrial technology company that our technology is
effective and commercially scalable, with significant technical
capabilities that bring unmatched cost, efficiency and
environmental advantages to our customers."
EnergySource Minerals is a leading developer of lithium projects
in the Salton Sea Known Geothermal Resource Area in California. ILiAD Technologies commercialized
the ILiAD (Integrated Lithium Adsorption Desorption) technology
platform, developed over eight years of research and pilot testing
by ESM.
"We are pleased to continue our partnership with ILiAD
Technologies, which began in 2021 with SLB's investment in ESM. It
enables us to advance the deployment of our commercial sustainable
well-to-product lithium production process to meet the energy
transition demand," said Nicholas Lugansky, head of mining,
SLB.
ILiAD's highly efficient and flexible extraction technology can
be used to recover high-purity lithium chloride from lithium-laden
brine resources around the world, including brine from salars,
produced water, geothermal brine operations and other lithium
resources. The physical footprint, carbon emissions and water
use associated with operations is a fraction of those needed
compared to traditional lithium extraction methods.
This investment concludes ILiAD Technologies' establishment
capital raise process initiated in the second half of 2023 in which
the company raised $50 million.
ABOUT ILiAD TECHNOLOGIES
ESM ILiAD is a private direct lithium extraction (DLE)
technology company affiliated with EnergySource Minerals. The
company licenses the ILiAD Technology Platform, a proprietary
breakthrough technology which combines a superior lithium selective
adsorbent with continuous countercurrent bed processing to deliver
a unique, patented solution capable of concentrating and treating a
vast range of lithium laden brines under a wide variety of
conditions. The technology is poised to be deployed globally to
sustainably produce lithium to meet the immense and growing demand
for its use in the manufacturing of electric vehicle batteries.
ESM shareholders are TechMet Limited, a leading technology
metals investment company with a portfolio of assets that
responsibly produce, process and recycle the metals that are
critical to the global energy transition and the electric vehicle
revolution; SLB New Energy, a global technology company driving
energy innovation to accelerate decarbonization; Catalyst
Geothermal LLC and LiNergy LLC, both U.S. based private investors
in new energy technologies; and Mercury NZ Ltd., a New Zealand electricity generation and
multi-product utility retailer.
For more information,
visit: https://www.iliadtech.com/.
Media Contact:
ILiAD Technologies: John
Horstman | media@ILiADtech.com | +1 (224) 430-1910
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: Certain statements in this news release are
forward-looking statements. In some cases, we have identified
forward-looking statements by such words or phrases as "will likely
result," "is confident that," "expect," "expects," "should,"
"could," "may," "will continue to," "believe," "believes,"
"anticipates," "predicts," "forecasts," "estimates," "projects,"
"potential," "intends" or similar expressions identifying
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, including the negative of
those words and phrases. Such forward-looking statements are based
on our current views and assumptions regarding future events,
future business conditions and the outlook for the Company based on
currently available information. There are important factors that
could cause Livent's actual results, level of activity, performance
or achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by the
forward-looking statements, including the factors described under
the caption entitled "Risk Factors" in Livent's 2022 Form 10-K
filed with the Securities and Exchange Commission ("SEC") on
February 24, 2023, as well as other
SEC filings and public communications. Although Livent believes the
expectations reflected in the forward-looking statements are
reasonable, Livent cannot guarantee future results, level of
activity, performance or achievements. Moreover, neither Livent nor
any other person assumes responsibility for the accuracy and
completeness of any of these forward-looking statements. Livent is
under no duty to update any of these forward-looking statements
after the date of this news release to conform its prior statements
to actual results or revised expectations.
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SOURCE EnergySource Minerals