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

Published: 09:00 24 Feb 2020 AEDT

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.

Lake Resources details lithium expansion strategy in Argentina

Lake Resources NL (ASX:LKE, OTCQB:LLKKF)'s Steve Promnitz says they've kicked off an expansion and integration strategy to fast-track its portfolio of assets in Argentina to deliver the TARGET 100 Program. It's aiming to produce 100,000 tonnes of high purity lithium annually to market by 2030.

on 15/2/22