Saudi Arabian mining company Lihytech has secured a $6M investment from Ma’aden, and King Abdullah University of Science and Technology (KAUST) Innovation Ventures. Ma’aden is leading the investment with $4M and KAUST Innovation Ventures is investing $2M. The startup’s patented membrane-based lithium extraction technology extracts the alkali metal from seawater, brine, red mud, and more, and uses a ceramic membrane to filter lithium ions selectively.
With accelerated adoption of electric vehicles (EVs) worldwide and widespread use of lithium batteries in electronic devices, lithium demand is outstripping supply, and global shortages are predicted by 2025, according to the startup. Lihytech’s extraction technology will become a significant addition to the Kingdom’s capability in mining and securing upstream raw materials that are critical for developing the EVs and exchangeable battery systems (EBSs) ecosystem.
Saud Al-Mandil, vice president for Technology and R&D at Ma’aden, commented: “We are pleased to partner with KAUST Innovation Ventures to invest in deploying this groundbreaking technology. This technology has the potential to revolutionize lithium extraction through unconventional resources and will certainly support the development of an electric vehicle value chain in the Kingdom. Investments in developing such technologies are important to our wider plans of securing the critical minerals needed for the energy transition and to fuel the development of relevant industries in the Kingdom.”
The startup was funded through the KAUST Near Term Grand Challenge, a research translation program, and the technology is being developed on the campus. The KAUST startup’s battery-grade lithium will help drive the Kingdom of Saudi Arabia’s commitment to developing an entire value chain of EVs. Lihytech will use the infusion of capital to build a pilot facility to extract lithium from the Red Sea and other in-Kingdom resources. “This technology has the potential to be a game-changer,” said Kevin Cullen, vice president of KAUST Innovation. “Professor Zhiping and his team have found a way to make lithium extraction both technically and economically feasible. We are very pleased that Ma’aden will be joining KAUST Innovation Ventures in moving this technology forward and bringing it to market.”
Also Read: 10 Unique Startup Accelerators and Incubators in Saudi Arabia
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Last Updated on February 15, 2023 by Safiya K
