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Lake Resources gets "vote of confidence" as partner secures $20 million from Bill Gates-led fund

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."

READ: Lake Resources shares surge after its partner secures US$20 million from Bill Gates-led fund

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.

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ASX:LKE
Market: ASX
Market Cap: $26.86 m
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Full interview: Lake Resources watches Orocobre and Ganfeng Lithium...

Lake Resources N.L. (ASX:LKE) managing director Steve Promnitz updates Proactive on Orocobre Limited's (ASX:ORE) acquisition of Advantage Lithium, which will allow Orocobre to develop in Argentina's Olaroz/Cauchari basin and become a neighbour of lithium brine producer Lake...

on 19/2/20

2 min read