Lake Resources Ltd’s (ASX:LKE) is buoyed by the news that its partner and provider of a sustainable direct extraction ion exchange process for lithium brine, Lilac Solutions, has secured US$20 million through Bill Gates-led fund Breakthrough Energy.
LKE's managing director Steve Promnitz told Proactive: “This is a vote of confidence in Lake’s strategy from known successful investors to use direct extraction methods to produce high-purity lithium.
“This is quality, third-party valuation in Lake selecting Lilac as our technology provider providing increased efficiency in recoveries and a shorter time to market with sustainable lithium products and a smaller environmental footprint without expansive evaporation ponds."
The Breakthrough Energy fund’s investors including Amazon Inc founder Jezz Bezos, Alibaba Group Holding Ltd co-founder Jack Ma and Bloomberg LP founder Michael Bloomberg.
Lake aims to produce a high-quality, low-impurity lithium product capable of attracting premium pricing from its Kachi Lithium Brine Project in Argentina.