GEN1 Energy is becoming the largest shareholder of Xtralit, an Israeli company conducting lithium direct extraction (DLE) projects in the United States, Argentina, Jordan, Turkey, and other countries.
On the 3rd, GEN1 Energy announced that it invested $15 million in Israeli Xtralit, securing a 29.88% stake, making it the largest shareholder among single investors.
Xtralit possesses technology that enables lithium extraction from low-concentration salt lakes using the Ion Exchange method. Based on three related U.S. patents, it is collaborating with global companies.
The adsorbent developed by Xtralit is said to extract lithium at lower salinity levels compared to competitors’ products and to extract more lithium in a shorter time at the same salinity.
Xtralit stated, "The developed process reduces pollution and carbon dioxide emissions, and its strengths include low operating costs and small-scale production facilities. After the first lithium production in 2023, we expect 180% annual growth and are confident in becoming a unicorn company valued at $1 billion within five years."
GEN1 Energy plans to appoint Simon Lynch, CEO of Xtralit, as a new registered director at the extraordinary general meeting scheduled for the 18th. CEO Lynch is a former senior scientist at SanDisk and currently a professor at Tel Aviv University in Israel. He has been recognized for his contributions to the storage field, receiving the Reynolds B. Johnson Medal in 2015 and the Israeli Energy Minister’s Award in 2018.
GEN1 Energy intends to accelerate its lithium extraction business in collaboration with CEO Simon Lynch. The company will prioritize installing a pilot plant for lithium extraction at the Great Salt Lake in Utah, USA.
According to an external consulting technical analysis report, Xtralit’s technology demonstrated satisfactory lithium extraction capacity in tests of brines containing lithium concentrations ranging from low (below 10 mg/l) to high (above 300 mg/l).
A company official stated, "The consulting technical analysis results indicate that Xtralit’s technology has surpassed the initial stage of commercialization potential for core source technology. After reviewing reports on 12 competitors, we received confirmation that pilot and commercialization are feasible. We plan to apply Xtralit’s technology to the pilot plant construction at the Great Salt Lake in Utah, USA."
Meanwhile, last year, GEN1 Energy signed a main contract with its U.S. partner, MRI (Mineral Resources International), for the construction of a pilot plant using lithium direct extraction. According to the contract, the pilot plant will receive over 80,000 gallons annually of brine with a lithium concentration of 600 ppm. MRI holds rights to use 39 million gallons of brine annually.
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