Geolit Energy announced on the 26th that its subsidiary, XtraLit, has been recognized for its technological capabilities by SQM, a global lithium hydroxide producer.
XtraLit was recently selected as a technology specialist company in the SQM Lithium Ventures Corporate Acceleration Program, jointly conducted by SQM and Endeavor Atacama.
XtraLit received positive evaluations for its lithium direct extraction (DLE) technology, which involves inserting a developed adsorbent to selectively extract lithium elements, differentiating it from existing DLE technologies. As a result of this selection, XtraLit will receive $25,000 in support from SQM and is expected to secure follow-up funding through the SQM Lithium Ventures fund.
Additionally, XtraLit will receive advisory and mentoring support, as well as subsidies for pilot demonstrations of the technology, from the head of SQM’s lithium business division. SQM Lithium Ventures plans to review participation in Series B investment after conducting a three-month pilot program.
Established in 1968, SQM is the only lithium hydroxide producer in Chile and is listed on the Santiago Stock Exchange in Chile and the New York Stock Exchange in the United States. SQM has also signed long-term lithium supply contracts with battery specialists SK On and LG Energy Solution.
Notably, Chile and the United States have a Free Trade Agreement (FTA), which makes it advantageous for battery companies to meet the requirements of the U.S. Inflation Reduction Act (IRA) when sourcing lithium from SQM. Therefore, if SQM adopts XtraLit’s technology, rapid growth is expected.
XtraLit plans to conduct pilot plant tests in the second half of the year in Israel, Jordan, Turkey, Canada, and the United States. This plan includes demonstrating the capability to produce 5 to 10 kg of battery-grade lithium carbonate.
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