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The Great Salt Lake Is Full of Lithium. A Startup Wants to Harvest It.

Livemint

Livemint · 1y ago

The Great Salt Lake Is Full of Lithium. A Startup Wants to Harvest It.

California startup, Lilac Solutions, plans to extract lithium, a critical mineral for electric vehicle batteries, from the Great Salt Lake. The company aims to use pipes to suck up water from the lake, extract lithium, and then reinject the water back into the lake to minimize environmental impact. Lilac plans to produce up to 20,000 tons of battery-grade lithium per year and has raised $145 million to fund the project. The extraction process involves reusable ceramic "beads" that attach to lithium atoms, making it faster and more environmentally friendly than traditional methods.

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ED conducts raids in Bengal in connection with Rs 1,000 crore cyber fraud in Tamil Nadu

Economic Times

Economic Times · 8m ago

ED conducts raids in Bengal in connection with Rs 1,000 crore cyber fraud in Tamil Nadu

The Enforcement Directorate (ED) conducted raids at eight locations in West Bengal as part of an investigation into a cyber fraud involving over Rs 1,000 crore in Tamil Nadu. Operations occurred in Kolkata areas like Park Street, Salt Lake, and Baguihati, as well as three other district locations. A person was detained for questioning in Salt Lake. The crime involved individuals from various eastern Indian states.

Beta Boom Closes $14.5M Fund II

Finsmes · 1y ago

Beta Boom Closes $14.5M Fund II

Beta Boom, a Salt Lake City-based venture capital firm, has successfully closed a $14.5 million Fund II. The funding round received support from various limited partners including Ally Bank, Pivotal Ventures, Bank of America, and Atento Capital. This marks another milestone for Beta Boom as it continues to support pre-seed and seed stage startups. For more information, visit VCWire.tech, a dedicated website for the tech venture capital industry.

Equirus InnovateX Fund leads seed round in PointO

Entrackr

Entrackr · 1y ago

Equirus InnovateX Fund leads seed round in PointO

Lithium battery startup PointO has raised Rs 6.2 crore in a Seed funding round led by Equirus InnovateX Fund (EIF). “At Pointo, we strive to replicate this impact with the introduction of lithium-ion batteries. By offering higher mileage and reducing the cost of capital, we aim to potentially triple or quadruple e-rickshaw drivers’ take-home income,” said Riki Biswas, founder and CEO of PointO. Launched by Biswas and Gaurav Jindal, PointO is on a mission to build a full-stack lithium battery ecosystem, encompassing manufacturing, financing, and servicing of lithium batteries. With an initial focus on adoption and financing of lithium batteries for e-rickshaw owners in tier-II and beyond cities, the company is targeting the problem of low adoption in this segment due to operational and financial complexities. The company claims that it grew 7x in the last 12 months and plans to expand its physical centres to include more than 10 cities over the next 12 months. The market for e-rickshaws is projected to deliver a staggering 32% compound annual growth rate (CAGR) between 2021-2032, reaching a value of $27.5 billion. With lithium batteries comprising 60-70% of the total cost of ownership and sustainability concerns driving a shift from lead-acid to lithium batteries, PointO aims to capture significant market share and drive industry-wide transformation.

Low cost, zero waste: How Minimines’ modern lithium extraction process can boost EV adoption in India

YourStory

YourStory · 2y ago

Low cost, zero waste: How Minimines’ modern lithium extraction process can boost EV adoption in India

Minimines, founded in 2020, says its battery recycling process to extract lithium and other precious metals is more cost-effective and sustainable than its competitors. The startup hopes that by making lithium extraction more efficient, it can help EVs become affordable in India.

Fuze, Salt Oral Care secure early-stage funding

VCCircle

VCCircle · 4m ago

Fuze, Salt Oral Care secure early-stage funding

Digital assets startup Fuze and wellness brand Salt Oral Care have secured early-stage funding. Fuze raised $12.2 million in Series A funding from Galaxy and e&, focusing on expansion, innovation, and compliance. Founded in 2023, Fuze offers digital assets infrastructure for financial institutions. Salt Oral Care received $1 million in pre-Series A funding from Lotus Holdings to boost product innovation, R&D, and marketing. It provides food-grade, chemical-free oral hygiene products.

No new tariffs after Bilateral Trade Agreement: India wants US assurance

Economic Times

Economic Times · 2m ago

No new tariffs after Bilateral Trade Agreement: India wants US assurance

India seeks assurance from the US that no new tariffs will be imposed post-finalization of a bilateral trade agreement. Both countries are finalizing the deal, with India pushing for concessions in sectors like leather and textiles. India emphasizes a strong mechanism to safeguard against future tariff changes, requiring the US to ensure trade stability. An early harvest deal is anticipated before the July 9 deadline amidst high-level negotiations and concerns over past US trade commitments.

Rio Tinto-backed lithium tech startup set to raise second round of funds

Economic Times

Economic Times · 9m ago

Rio Tinto-backed lithium tech startup set to raise second round of funds

Lithium technology startup, ElectraLith, is set to raise AUD 29 million ($19 million) in a funding round to further develop its filtration technology for extracting lithium from brine deposits without using water or chemicals. The company's technology, called DLE-R process, filters brine through two membranes to extract lithium, resulting in lower production costs compared to traditional methods. ElectraLith plans to build its first pilot plant in Argentina and aims to compete with other companies developing direct lithium extraction (DLE) technologies that are reshaping the lithium market.

Intel to sell 51% stake in Altera to Silver Lake

Economic Times

Economic Times · 4m ago

Intel to sell 51% stake in Altera to Silver Lake

Intel announced it will sell a 51% stake in its Altera division to private equity firm Silver Lake. This move values the programmable chip unit at $8.75 billion. The decision is part of Intel's strategic efforts to refocus its core business operations and optimize its investments. Silver Lake, known for investments in technology, will likely help enhance Altera's market potential.

Alsym wants to 'light up homes for a billion people' with its new battery

TechCrunch · 1y ago

Alsym wants to 'light up homes for a billion people' with its new battery

Massachusetts-based Alsym Energy is developing a low-cost, non-flammable battery chemistry to address the lack of affordable energy storage solutions. The start-up aims to provide affordable electricity to the 3.5 billion people who do not have reliable access to power. Alsym's battery uses a manganese oxide electrode, a water-based electrolyte and materials that prevent dendrite formation, making it safer than traditional lithium-ion batteries. The company plans to target the stationary storage market initially, followed by two-wheel EVs and plug-in hybrids. Alsym recently raised $78m in a series C funding round.

India In Talks For Overseas Partnerships For Lithium Processing

Inc42 · 1y ago

India In Talks For Overseas Partnerships For Lithium Processing

Indian companies, including Ola Electric, are considering bidding for lithium mining rights being auctioned by the Indian government. India is seeking partnerships with countries like Australia, the US, Britain, Bolivia, Japan, South Korea, and Russia to strengthen its lithium mining and electric vehicle industries. As India aims to be self-reliant in lithium processing, it is looking for technical help and processing technology from these countries. This comes as India has discovered significant reserves of lithium and aims to reduce its dependence on imports, mainly from China. The government has also recommended incentives for setting up lithium processing plants.

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