Lilac Raises $145M Series C to Scale Sustainable Lithium Extraction Technology Globally
Lilac Solutions, a California‑based cleantech company pioneering direct lithium extraction (DLE) technology to sustainably produce lithium from brine resources, has raised significant capital to accelerate its growth and scale its patented ion‑exchange extraction platform globally. In February 2024, the company announced a $145 million Series C funding round, bringing its total capital raised to approximately $315 million since inception. This influx of financing positions Lilac to expand manufacturing capacity for its proprietary ion‑exchange materials and support commercial deployment at major lithium projects around the world — a critical step as demand for battery‑grade lithium surges amid the electric vehicle and energy storage boom.
Lilac’s core innovation is its ion‑exchange (IX) media technology, which selectively captures lithium from brine solutions with high efficiency and a significantly reduced environmental footprint compared with traditional evaporation pond methods. The company’s IX media is designed to withstand thousands of cycles, enabling efficient extraction across diverse brine chemistries while minimising freshwater usage and operational waste. Lilac has successfully scaled its technology from lab prototypes to commercial‑scale systems and completed field pilots and a demonstration plant, validating performance attributes essential for large‑scale industrial adoption.
The Series C round was led by Mercuria, a global energy and commodities firm with deep experience in energy markets, highlighting a strategic belief in Lilac’s potential to transform the lithium supply chain. In addition to Mercuria, the financing was co‑led by Lowercarbon Capital, a venture firm with a strong focus on climate solutions, and Breakthrough Energy Ventures, the Bill Gates‑initiated fund that backs technologies with the potential to reduce greenhouse gas emissions at scale.
Participating investors in the round included a number of existing backers reaffirming their commitment to Lilac’s mission. These included T. Rowe Price Association, Inc., Engine Ventures, Aventurine, Presidio Ventures and BMW i Ventures — all of which have supported earlier rounds and continue to back Lilac’s expansion. The company also welcomed Mitsubishi Corporation as a new investor in the Series C, underscoring growing global industrial interest in sustainable lithium extraction technologies.
Lilac’s funding trajectory reflects a long history of investor support and confidence in its approach. Prior to the Series C, the company had closed a $150 million Series B round led by Lowercarbon Capital alongside participation from T. Rowe Price and other strategic partners, enabling significant scaling of its proprietary IX media production and field operations. Earlier, Lilac raised $20 million in Series A funding led by Breakthrough Energy Ventures, with backing from The Engine, Lowercarbon Capital and The Grantham Foundation — funds focused on supporting deep technological innovation with environmental impact.
Founded in 2016, Lilac Solutions has steadily progressed from a technology innovator to a near‑commercial provider of scalable lithium extraction systems. Its leadership team, including CEO Raef Sully and President & CTO Dave Snydacker, has driven the company’s core research into commercial practice while overseeing partnerships with major lithium resource owners around the world.
The latest capital infusion arrives at a pivotal moment as lithium demand continues to outpace supply. With the electrification of transportation and expansion of grid storage solutions, global markets are seeking new lithium sources that are both cost‑competitive and environmentally sustainable. Lilac’s modular IX technology is positioned to help meet that demand by enabling more rapid development of brine resources — including projects in South America and the United States — without the lengthy timelines and high water usage associated with evaporation ponds.
In addition to technology scaling, the new funding is expected to support manufacturing capacity expansion for Lilac’s IX media, allowing broader deployment of extraction systems across multiple continents. The company’s engagements with lithium developers have grown to include more than ten large‑scale projects under development, illustrating the marketplace’s appetite for innovation in lithium supply chains.
As Lilac moves forward, it aims to solidify its role in building a resilient and sustainable global lithium supply chain that supports the rapidly expanding electric vehicle and renewable energy sectors. The company’s access to substantial capital from strategic and climate‑focused investors, combined with its patented extraction technology, positions it as one of the leading deep‑tech contributors to the next generation of battery raw material production.
