Monash University spinout ElectraLith has secured $27.5 million in funding from a world-class investor syndicate comprising IP Group, Hostplus, Rio Tinto, Chevron Technology Ventures, Fathom Fund, Breakthrough Victoria, Vista Energy, Marathon Petroleum, In-Q-Tel alongside Monash University. The round was led by Australian deep tech investment fund Main Sequence.
This marks a significant step in the spinout's mission to rapidly advance ElectraLith's proprietary Direct Lithium Extraction and Refining (DLE-R) technology as the cleanest, most versatile and most cost-efficient method to extract and refine lithium, the fundamental element of a green future,
Electralith was spun out of the Department of Chemical and Biological Engineering, based on research from Professor Huanting Wang, Sir John Monash Distinguished Professor and ARC Australian Laureate Fellow, along with his research team. Now based in the Monash Innovation Labs, DLE-R offers a more sustainable and efficient method for lithium production. Unlike traditional methods, DLE-R eliminates the need for water and chemicals, significantly reducing its environmental impact and cost. DLE-R has produced battery grade lithium hydroxide from a range of sources, including from a highly contaminated and low concentration brine from the Paradox Basin in the United States, making it a game-changer for the industry.
"The Series A funds will enable DLE-R's rapid development into what we believe will be the cleanest, most versatile and most cost-efficient method to extract and refine lithium," said Charlie McGill, CEO of ElectraLith.
"The quality, breadth and scope of the Series A investor syndicate provides the strongest signal yet of DLE-R's full potential. This includes four blue-chip strategic investors, three globally recognized venture capital firms, one of Australia's largest superannuation funds, Breakthrough Victoria, and In-Q-Tel (IQT), the not-for-profit strategic investor for the US national security community and America's allies."
ElectraLith's technology is particularly relevant as demand for lithium is expected to surge, driven by the growing electric vehicle market and the need for efficient energy storage solutions. The company's proprietary electro membrane technology, developed at Monash, has the potential to materially lower production costs, while also unlocking otherwise unviable resources.
"By creating advancements in cleaner, cheaper and faster lithium production, we are addressing critical issues like climate change and driving significant progress towards a sustainable future," said Professor Mike Ryan, Interim Deputy Vice-Chancellor (Research) and Senior Vice-President at Monash University.
"This investment also highlights Monash's strength in research translation and commercialisation - we are the number one university in Australia for industry research investment."
In addition to its close relationship with Monash University, ElectraLith has benefited from collaborations with industry leaders including Rio Tinto. These partnerships have been crucial in supporting the company's research and development efforts and in bringing its innovative solutions to market.
In 2024, the spinout was named the 'Most Innovative Company' in the mining sector by AFR BOSS. It was listed as one of The Australian's 'Top 100 Innovators' in 2023 and 2024 and was recently selected as a top 25 start-up by the prestigious Falling Walls Foundation in Berlin.
