Lithium miner Livent buys minority stake in ILiAD Technologies parent (updated)

Allkem

15/12/2023 02:32

(Adds details in paragraph 2, 3 and 4, CEO comment in paragraph
5 and background in paragraph 6)
       Dec 14 (Reuters) - U.S. lithium miner Livent Corp
 LTHM.N  has acquired a minority stake in the parent company of
direct lithium extraction technology firm ILiAD Technologies,
the companies said on Thursday.
    The companies did not disclose financial details or the size
of the stake purchased.
        Livent is investing in a subsidiary of privately held
EnergySource Minerals, which is a direct lithium extraction
company that develops projects in California's Salton Sea. 
    Livent will have the right to license ILiAD technology for
deployment at its lithium brine resource in Argentina, the
companies said, adding that commercial utilization could begin
as early as 2025. 
    "We are excited to partner with ILiAD Technologies as we
continue to invest in processes and technologies which advance
our strategy of producing high-quality lithium chemicals
efficiently and sustainably," Livent's CEO Paul Graves said.
    Livent received regulatory approval for its proposed $10.6
billion merger with Australia's Allkem  AKE.AX  last month. The
combined firm will be the world's third-biggest producer of the
metal, used in electric vehicle batteries, behind U.S.-based
Albemarle  ALB.N  and Chile's SQM  SQMA.SN .


 (Reporting by Chandni Shah and Gnaneshwar Rajan in Bengaluru;
Editing by Edmund Klamann)
 ((Chandni.shah@thomsonreuters.com;))