ILiAD Successfully Finalizes Funding Round With SLB Investment

Rhea-AI Summary

ILiAD Technologies, a subsidiary of EnergySource Minerals (ESM), has successfully closed a funding round with a significant investment from SLB (NYSE: SLB). This investment follows Arcadium Lithium's (NYSE: ALTM) earlier acquisition of a minority stake in ILiAD's parent company. The funding will enhance ILiAD's direct lithium extraction (DLE) technology and expand its global deployment.

SLB plans to integrate ILiAD's technology into its sustainable lithium production solution, currently undergoing technical trials. The investment solidifies ILiAD's position as a leading DLE technology platform for sustainable lithium production, important for the electric vehicle (EV) industry. ILiAD's technology offers cost, efficiency, and environmental advantages over traditional lithium extraction methods.

This investment concludes ILiAD Technologies' establishment capital raise process, which raised $50 million since the second half of 2023.

Positive

• Successful closure of funding round with significant investment from SLB (NYSE: SLB)
• Integration of ILiAD technology into SLB's sustainable lithium production solution
• Recognition of ILiAD's technology as effective and commercially scalable
• Completion of $50 million capital raise process

Negative

• None.

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/iliad-successfully-finalizes-funding-round-with-slb-investment-302210831.html

SOURCE EnergySource Minerals

FAQ

What is the significance of SLB's investment in ILiAD Technologies for Arcadium Lithium (ALTM)?

SLB's investment in ILiAD Technologies strengthens the position of the DLE technology platform that Arcadium Lithium (ALTM) has rights to deploy at its brine resources in Argentina and across its portfolio. This could potentially enhance ALTM's lithium production capabilities and efficiency.

How much capital did ILiAD Technologies raise in its establishment capital raise process?

ILiAD Technologies raised $50 million in its establishment capital raise process, which was initiated in the second half of 2023 and concluded with the SLB investment.

What are the advantages of ILiAD's DLE technology compared to traditional lithium extraction methods?

ILiAD's DLE technology offers significant advantages over traditional methods, including a smaller physical footprint, lower carbon emissions, reduced water usage, and improved cost efficiency. It can recover high-purity lithium chloride from various brine resources worldwide.

How does the ILiAD investment impact Arcadium Lithium's (ALTM) lithium production capabilities?

The investment in ILiAD Technologies potentially enhances Arcadium Lithium's (ALTM) lithium production capabilities by providing access to advanced DLE technology. ALTM has the right to deploy this technology at its brine resources in Argentina and across its portfolio, which could improve efficiency and sustainability in lithium extraction.