Presidio Ventures Makes Strategic Investment in Lilac Solutions, Inc.; Plans to Leverage Sumitomo Corp of Americas’ Network to Enhance Value of Lithium Extraction Technology
NEW YORK, Oct. 6, 2021 /PRNewswire/ -- Presidio Ventures, a Sumitomo Corporation of Americas (“SCOA”) Group Company, has joined a Series B funding round for Lilac Solutions, Inc. (“Lilac”), a lithium extraction technology company headquartered in Oakland, CA. Lilac will use the funds from this round to continue expansion of its global team, build a dedicated factory in the United States to produce the company’s unique ion-exchange beads, and deploy Lilac’s lithium extraction technology at multiple projects throughout the United States, South America, and Europe.
“We’re excited to contribute to the sustainable expansion of the world’s Lithium’s supply through our investment into Lilac solutions,” said Mr. Doug Kuribayashi, CEO of Presidio Ventures. “We believe that Sumitomo Corporation of Americas’ expertise and significant experience in the management and operations of the mining business, together with its global network in trading raw materials for battery production, will add value to Lilac Solutions in the future.”
Lilac’s lithium extraction technology is significantly more effective, faster to deploy, less expensive and more sustainable than conventional lithium production methods. Their Direct Lithium Extraction (DLE) technology unlocks new untapped brine resources that contain low lithium and high impurities, an area deemed unusable until recently.
Dave Snydacker, CEO and Founder of Lilac Solutions, said “Electric vehicles are a low-carbon success story and are poised for decades of growth, but the lithium raw materials needed for batteries have become a serious bottleneck. The lithium industry has been plagued with technical and environmental problems that have put future supply in jeopardy. Lilac’s technology solves the fundamental challenges of lithium production from brine resources, and our team is thrilled to deploy globally with support from investors like Presidio Ventures and its parent company, SCOA.”
Serving as SCOA’s venture capital arm, Presidio Ventures anticipates myriad opportunities to help scale and apply Lilac’s unique solution throughout the company’s vast business network. SCOA has extensive experience within the global mining sector and possesses a wide network of industry partners and suppliers. Lilac’s technology has the potential to catalyze Lithium production and increase supply, a welcome solution to the growing demand for global electrification.
Lithium is used in the development of batteries for mobile phones, laptops and tablets, and most notably electric vehicles. According to IEA’s Global EV Outlook, electric car registrations increased in all major markets in 2020 despite the COVID-19 pandemic, and 18 of the 20 largest OEMs have committed to increase their offer and sale of EVs. With these figures driving the automotive industry toward electrification, the lithium supply chain is going to be a tremendous player in satisfying this consumer demand.
With offices in Silicon Valley and Boston, Presidio Ventures has invested in more than 160 companies over the past twenty years. Presidio’s expansive network of Sumitomo affiliates and subsidiaries helps the company tailor support for start-ups, ensuring that new companies can succeed from early-stage investment all the way to IPO. Founded in Sumitomo’s centuries-old business philosophy of shared prosperity, Presidio looks for opportunities to partner with entrepreneurs in key industries that shape the way we live. For more information visit www.presido-ventures.com.
About Sumitomo Corporation of Americas
Established in 1952 and headquartered in New York City, Sumitomo Corporation of Americas (SCOA) has eight offices in major U.S. cities. SCOA is the largest subsidiary of Sumitomo Corporation, one of the world’s leading traders of goods and services. As an integrated business enterprise, the firm has emerged as a major organizer of multinational projects, an expediter of ideas, an important international investor and financier, and a powerful force for distribution of products and global communications through a network of offices worldwide. Its core business units include Tubular Products, Environment and Infrastructure, Steel and Non Ferrous Metals, Transportation and Construction Systems, Chemicals and Electronics, Media and IOT Applications, Real Estate, Mineral Resources and Energy, and Food. For more information, visit www.sumitomocorp.com.
About Lilac Solutions
Lilac Solutions is a lithium extraction technology company based in Oakland, California. Lilac has developed a patented ion exchange technology that facilitates production of lithium from brine resources with high efficiency, minimal cost and ultra-low environmental footprint. Lilac’s mission is to scale global lithium production to support the electric vehicle transition and renewable energy storage transition.
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SOURCE Sumitomo Corporation of Americas