This transaction represents the most recent development in the rapidly growing direct lithium extraction industry, which has attracted billions of dollars in investment from those seeking to revolutionize the production of battery metals.
On Monday, KMX Technologies, a developer of lithium technology, announced that Tetra Technologies and venture capital fund PureTerra Ventures have participated in its latest funding round. These new partners will support KMX in launching commercial products tailored to process lithium used in electric vehicle batteries.
This deal highlights the ongoing momentum in the direct lithium extraction industry, a sector experiencing rapid growth and attracting significant investment from those aiming to innovate in the production of battery metals. However, the financial specifics of the transaction were not revealed.
KMX’s proprietary technology enhances the concentration of lithium extracted from brine via the direct lithium extraction (DLE) process. Competing with firms like Veolia, KMX promotes its concentration equipment as a beneficial addition to existing DLE operations to optimize metal production.
Among KMX’s clientele is Cornish Lithium from the United Kingdom.
Additionally, Tetra, which is currently advancing a lithium project in Arkansas in collaboration with Exxon Mobil, will assist KMX in designing and constructing a mobile water treatment system for use in its operations.
With this investment, Tetra’s CFO, Elijio Serrano, and Alexander Crowell, a partner at PureTerra, will join KMX’s board based in Connecticut.
The European Investment Fund, under the control of the European Union, is among the investors in PureTerra. Furthermore, Archer Private Investments, a private family office, is also entering this funding round for KMX.
