BMW said on Wednesday it will invest in lithium technology startup Lilac Solutions Inc to support more-efficient ways to produce the electric vehicle battery metal.
BMW, which already buys lithium from China's Ganfeng Lithium Co and other traditional lithium producers, said it sees Lilac's technology as a way to boost global production of the white metal as demand grows from the EV market. The German automaker is participating in Lilac's Series B funding round alongside SK Materials Co, Sumitomo Corp investment arm Presidio Ventures and others.
Lilac plans to use the funds to construct a U.S. manufacturing facility for ion exchange beads, which are core to its extraction process.
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